This paper seeks to examine and critically analyse the law of shadow directorships. The characteristics that define a shadow director are considered in detail. Further consideration is given to the duties and obligations associated with shadow directorships and the circumstances in which a shadow director may be liable to compensate the company. The potential liability of corporate advisers, financiers, creditors and controlling entities is also discussed. In conclusion, the author submits that whilst the Corporations Law properly extends liability to corporate ‘string-pullers’, the words of the section fail to provide the necessary degree of certainty.