Fortune, the whole set up is governed by UK/ Bermuda Companies Acts, the company bye-laws, UKLA rules, case law precedents/principles...and it goes on. Unless you're across all of this, it's a bit complicated. One point that keeps being trotted out is that the BoD owe their duty of care primarily to the shareholders. I'm not being lazy, but you seriously need to DYOR on that one before accepting it as fact.
Thanks I shall look into it ...I am not sure that the powers that govern the functioning of the Board are under the listing rules ..if that was the case the Board does not require the shareholders approval to raise authorised share capital either ...Board manages the assets of the company for the best interest of the shareholders ...they can sell operating assets but here we are referring to the disposal of significant portion of the business against the interest of shareholders ....the shareholders approves in AGM the powers of delegation and conduction a business which the Board has to follow ....the Board cannot operate outside these powers ...these delegation of powers are not set by listing rules ....I would appreciate if anybody else can contribute to this please.
Ha ha- very drol FH1 ;) We all suspect how this has been played out - biggest fear in my opinion is that JF has bent over backwards with our company's resources, assets and future to meet Haw's promises of fair play regarding past and future payments... and his days of power over the MNR and us are surely numbered - leaving him and our future as an EMPTY shell.
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