It's not beneath the directors, to be honest (5,5)
I believe the answer is:
above board
'honest' is the definition.
(I've seen this before)
'it's not beneath the directors' is the wordplay.
'it's not beneath' becomes 'above' ('above' is the opposite to 'beneath').
'the directors' becomes 'board' (I've seen this before).
'above'+'board'='ABOVE-BOARD'
'to be' is the link.
(Other definitions for above board that I've seen before include "like a successful surfer?" , "without being underhand" , "Entirely honest" , "How player lifts men to make moves" , "OK?" .)