Honest, it is not within reach of the directors (5,5)
I believe the answer is:
above board
'honest' is the definition.
(I've seen this before)
'not within reach of the directors' is the wordplay.
'not' becomes 'o' (I've seen this in other clues).
'within' means one lot of letters goes inside another.
'reach of' becomes 'abve' (I can't justify this - if you can you should believe this answer much more).
'the directors' becomes 'board' (I've seen this before).
'o' placed inside 'abve' is 'above'.
'above'+'board'='ABOVE-BOARD'
'it is' is the link.
Can you help me to learn more?
(Other definitions for above board that I've seen before include "Openly" , "Open and honest" , "On the level" , "Honest - fair" , "In the open - without deception" .)