I hope this is a simple question/answer. Does a bank account signatory have to hold a position in the company? Someone has offered to be a signatory for our CIC but won't be working in the company. If they do not need to hold a position, do we need an agreement?
One way of thinking about it is that they don't have to have a paid role, they can be a volunteer. Their voluntary role title is 'Account Signatory'. I'm sure it would be good practice to set out in writing some expectations of how they would undertake their role, eg in what situations they should sign or not sign, what checks are in place, processes etc, for your security and theirs.
Thanks Nick, that sounds reasonable. From what I've read elsewhere, the board can appoint anyone as a signatory although I think the agreement is a good idea.