General Discussion Topics, page-118582

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14/09/23

18:02

Post #: 69862608
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Originally posted by Arroxvu: ↑

There are various reasons why shareholders may want to remove a director or board of directors:
- Poor performance (Share price dropping 70% in 12 months is an example)
- Disagreement about the direction of the company (Giving away too much in commercial negotiations and having large capex spending just for the benefit of commercial partners like PLL and the benefit of their share holders)
- Personal conflicts (Being the director of 2 companies SYA and 1MC that have commercial agreements with each other can be viewed as a conflict of interest).

So how do you remove a director from a company in Australia?

Section 203D of the Corporations Act provides for the following process to remove a director:

If the shareholders of a public company want to remove a director, they must first give notice of their intention. Shareholders must make this notice to move a resolution for a director’s removal at least two months before the shareholders meeting.

Shareholders must also give the director notice as soon as practicable. The director then has a right to put a case for their remaining in office. They can either give a written statement or speak to the motion at the meeting. After the motion is discussed and the director has made a case for remaining in office, the vote is held. If the shareholders reach a majority vote (50%), they then have the power to remove the director.

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i think you'll find 249D is most common to remove a director(s)....

SYA Price at posting: 10.5¢ Sentiment: Buy Disclosure: Held
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General Discussion Topics, page-118582

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General Discussion Topics, page-118582

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