"the appellants were directors of the first respondent – the first appellant was executive Chairman, the second appellant Chief Executive Officer and the third appellant Chief Financial Officer – the Board of the first respondent resolved to amend the contracts with the appellants to extend the termination notice period to be provided by the first respondent to the appellants to 12 months – the appellants, among themselves, amended their contracts with the first respondent so as to provide that each appellant or the first respondent could terminate the respective contracts for any cause and each appellant could unilaterally elect to either be paid out 12 months’ salary/retainer or work 12 months – the appellants did not request approval from the Board or notify the Board of the amendments they had made to the contracts – ..."
It was a case of 'feather nesting', where outgoing directors gave themselves $ under contracts without the board's knowledge.
The appeal was dismissed in invion's favour by the Qld Supreme Court.
From:
Jones & Ors v Invion Ltd & Anor [2015] QCA 100 (14/6136) Margaret McMurdo P and Philippides JA and Peter Lyons J 12/06/2015
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)