What is the ratio in Industrial Development Consultants v Cooley?

Directors must account for profits obtained through breach of fiduciary duty, even after resignation, if the opportunity arose from exploiting their directorial position while in office.

What did the court decide in Industrial Development Consultants v Cooley?

Roskill J held that Cooley must account for all profits from the contract because he had breached his fiduciary duty by secretly positioning himself to obtain it while still a director.

Why is Industrial Development Consultants v Cooley important for company law?

It establishes the strict approach to directors' fiduciary duties and secret profits, showing that directors cannot exploit their position for personal gain even when the company could not have obtained the same benefit.

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