Directors Pensions and Benefits21 Feb 2019 20:16
Section 98 of the Articles of Association [ https://valirx.wpengine.com/wp-content/uploads/2015/05/Articles-of-Association-ValiRx-PLC.pdf ] is as below. If any shareholder action group does get formed I recommend challenging this egregious Section.
The Board may establish, maintain, participate in or contribute to or procure the establishment
or maintenance of, participation in or contribution to any pension, superannuation, benevolent
or life assurance fund, scheme or arrangement (whether contributory or otherwise) for the
benefit of, and give or procure the giving of donations, gratuities, pensions, allowances,
benefits and emoluments to, any persons who are or were at any time in the employment or
service of or who have at any time been Directors of the Company or of any company which is
or was a member of the Group or any of their predecessors in business (and for any member
of his family, including a spouse or civil partner or former spouse or former civil partner or a
person who is or was dependent on him). Any Director or former Director shall be entitled to
participate in and retain for his own benefit any such donations, gratuities, pensions,
allowances, benefits or emoluments. The Board may arrange for this to be done by the
Company either alone or in conjunction with any other person.
98.2 Subject to the Statutes, the Board may establish and maintain any employees’ share scheme,
share option or share incentive scheme and establish and (if any such scheme so provides)
contribute to any scheme for the purchase by or transfer, allotment or issue to trustees of
shares in the Company or its holding company to be held for the benefit of employees
(including Directors) of the Company and lend money to such trustees or employees to enable
them to purchase such shares.
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