New to the board

[PiedPiper]

Hi

I have recently joined the board.

I joined as the issues that concerned me were.

The directors had not met at all the previous year.

One of the directors is involved in providing services to the company and this makes me hugely uncomfortable and does not sit well. I thought a related party transaction was illegal?

One of the directors has not paid charges for two years and did not disclose this at AGM when he put himself forward for re-election.
I thought you had to have paid yourself to go forward?

The board has the same old gang of retired men who think the agent is god and block all progress. There is nothing wrong with the agent per se but the agent needs guidance not adoration.

 

[Yorrick]

Be very aware of the legal responsibilities of being a Director and ensure that there is Directors and Officrs Insurance in place.
I don't think that there is any restriction on a Director providing a service to the Company once all is done fairly and squarely.

 

[purpeller]

You need to read up on the memos and articles of incorporation for your management company asap. Directors who have not paid their service charges are on dodgy ground. In my experience, this would be grounds for their immediate removal.

 

[redfedora]

One of the directors is involved in providing services to the company and this makes me hugely uncomfortable and does not sit well. I thought a related party transaction was illegal?

.

I'm pretty sure it is only illegal if he never disclosed it to the company. that said your memo and arts may actually expressly forbid it.

I'd be weary anyway that this individual would always favour his company over other possibly better companies, or that he can make his company provide a more favorable tender by being able to see the applications of other companies and drop his fee to make sure he wins out. Personally if he wahted to stay on then he should exclude himself from any tendering processes that related to the company that he is involved with in the interest of fairness to all applicants. I know i would

as for the guy not being paid up can you not call a directors meeting to discuss his status? after all if hes not paid up he's not technically a shareholder anymore. I know I've excluded our other director on these grounds and told him to resign at the next general meeting unless he settles his debt in full, he's agreed to this. I'll then send his ass to debt collection