LLL 0.00% 50.5¢ leo lithium limited

Maybe you can enlighten us a bit more on what their failures...

  1. 6,726 Posts.
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    Maybe you can enlighten us a bit more on what their failures were as the Board of Directors?,
    ~ and have a read up on the role and responsibilities of the Board of Directors

    You will partially get your wish, as per the Company's Constitution and given that at the previous Annual General Meeting;

    Both Rick Crabb and Alan Rule were appointed under rule 6.1(d), and as such they only hold office until the next Annual General meeting.
    They retired in accordance with rule 6.1(e) and offered themselves for election.

    Brendan Borg, pursuant to rule 6.1(f) retired by way of rotation and, being eligible offered himself for re-election in accordance with clause 6.1(i) of the Constitution.

    This leaves either Rod Baxter (appointed 21 April 2022) or Amber Banfield (appointed 21 April 2022) to retire pursuant to rule 6.1(f), the director (or directors) who must retire at a meeting in accordance with rule 6.1(f)(i)(A) or 6.1(f)(ii) (as the case may be) is the director who has, or are the directors who have, been longest in office since their last election but, as between persons who were last elected as directors on the same day, the director or directors to retire must be determined by agreement amongst themselves or, in the absence of agreement, by lot.

    @GARETH78
    re: "Brendan Borg needs to resign from LLL BOD." "If not Rick Crabb should fire him."
    ~ you should know better, Crabb cannot fire Borg or in fact, any director nor can the Board / Executive management fire a director.

    That is the right belonging to shareholders to exercise, both the Association Incorporations Act and the Corporations Act provide means by which directors can be removed from their positions by the members as you are fully aware re: Firefinch Limited s249D action, but: if the majority of shareholders made it clear to either Brendan Borg or management they no longer want him to hold a position, it would be appropriate that he would resign.

    Majority means exactly that, greater than 50% and not just a handful of posters on the HotCopper forum.

    There is only 1 example I can remember of a director being removed (in this case by default) at the bequest of the majority of members without going the s249D route.
    It is also why I included mention of the Associations Incorporations Act, Hamish McLennan, Chairman of the Board of Rugby Australia had a majority of members requesting his removal and as a consequence, the Board of Rugby Australia determined to remove him as the Chairman to which he subsequently resigned his directorship.

    cheers


 
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