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This post has been edited by ghoster: Nov 15 2023, 05:01 PM
settled. can delete thread, settled
settled. can delete thread, settled
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Aug 14 2023, 12:32 PM, updated 3y ago
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#1
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Senior Member
641 posts Joined: Dec 2007 |
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Aug 14 2023, 01:11 PM
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#2
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Junior Member
91 posts Joined: Dec 2010 |
with regards to "i am currently working with a public listed company as an editor. if im not mistaken, i have to resign if i hold a position as a director in another company, right?"
This will be depending the terms & conditions of your current company. usually you would need to declare this to your HR and HR would advise accordingly. If it's different industries, then there wouldn't be any conflict of interest for you to resign. As a director / member of the board, you can ask for the board's policy manual to learn what is the scope of the role, etc. it may also have a reference on the director's remuneration (which is how much you may get paid for your services). |
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Aug 14 2023, 01:21 PM
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#3
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Elite
7,826 posts Joined: Jan 2003 |
QUOTE(ghoster @ Aug 14 2023, 12:32 PM) hi everyone, No you don't have to resign unless there is a direct conflict of interest. You would notice that some public listed directors tend to hold seats in other companies as well.my father passed away 4 years ago. after he died, i inherit his substantial shares for the company. after a very long discussion between the directors and me, they decided to appoint me as director. (there's a lot of gentleman's agreement between my late father and the other shareholders, too personal to write down here) i have no experience in working as a director, i have no experience in this business. should i hire a lawyer to help me out? the directors in the company are professional and nice people, tho i have no idea how to negotiate on my director allowance and salary. should i demand or just accept their offer? i am currently working with a public listed company as an editor. if im not mistaken, i have to resign if i hold a position as a director in another company, right? any advise helps mohdyakup liked this post
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Aug 14 2023, 01:36 PM
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#4
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Junior Member
310 posts Joined: Feb 2013 |
QUOTE(ghoster @ Aug 14 2023, 12:32 PM) hi everyone, Do not sell your shares. Your line of work same as the busn?my father passed away 4 years ago. after he died, i inherit his substantial shares for the company. after a very long discussion between the directors and me, they decided to appoint me as director. (there's a lot of gentleman's agreement between my late father and the other shareholders, too personal to write down here) i have no experience in working as a director, i have no experience in this business. should i hire a lawyer to help me out? the directors in the company are professional and nice people, tho i have no idea how to negotiate on my director allowance and salary. should i demand or just accept their offer? i am currently working with a public listed company as an editor. if im not mistaken, i have to resign if i hold a position as a director in another company, right? any advise helps |
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Aug 14 2023, 03:17 PM
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#5
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Junior Member
55 posts Joined: Nov 2020 |
QUOTE(Mavik @ Aug 14 2023, 01:21 PM) No you don't have to resign unless there is a direct conflict of interest. You would notice that some public listed directors tend to hold seats in other companies as well. yes but if you have no experiences running your father business..it is good to get advise from those who have experiences |
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Aug 14 2023, 04:17 PM
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#6
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Senior Member
641 posts Joined: Dec 2007 |
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Aug 14 2023, 05:11 PM
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#7
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Senior Member
5,292 posts Joined: Nov 2006 |
QUOTE(ghoster @ Aug 14 2023, 04:17 PM) i was intend to sell, but because of the 'gentlemen's agreement' between both parties, i had to cancel the deal and decided to involve with the company instead. You need to find some old hack that your father trusted and learn from this old hack. Be humble at this learning curve. the company that my dad left have a broad market, so at some point, it can kacau with the company im working with. what is the right word for it, conflict of interest? Fastest way to learn something is from old hack with a lot of experience. ghoster liked this post
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Aug 14 2023, 10:02 PM
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#8
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Junior Member
953 posts Joined: Feb 2020 |
Become non executive director then appoint someone as CEO and executive director to run the business. Opinion from SPM kuli ghoster liked this post
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Aug 14 2023, 10:40 PM
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#9
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1,782 posts Joined: Jul 2022 |
QUOTE(ghoster @ Aug 14 2023, 12:32 PM) hi everyone, what kind of business your late father was doing in this company? my father passed away 4 years ago. after he died, i inherit his substantial shares for the company. after a very long discussion between the directors and me, they decided to appoint me as director. (there's a lot of gentleman's agreement between my late father and the other shareholders, too personal to write down here) i have no experience in working as a director, i have no experience in this business. should i hire a lawyer to help me out? the directors in the company are professional and nice people, tho i have no idea how to negotiate on my director allowance and salary. should i demand or just accept their offer? i am currently working with a public listed company as an editor. if im not mistaken, i have to resign if i hold a position as a director in another company, right? any advise helps how many staffs the co has? |
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Aug 15 2023, 07:41 AM
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Senior Member
641 posts Joined: Dec 2007 |
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Aug 15 2023, 03:36 PM
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#11
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Senior Member
5,292 posts Joined: Nov 2006 |
QUOTE(ghoster @ Aug 15 2023, 07:41 AM) that is the plan. that bad guy give him cool storage position but before that you also must listen from his point of view. Then only take action.there's a few internal problem that causes problems. its like someone intentionally try to kill this company. they need to solve this by hiring me, and replace that guy |
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Aug 16 2023, 05:38 PM
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Junior Member
835 posts Joined: Jan 2015 |
QUOTE(ghoster @ Aug 14 2023, 12:32 PM) hi everyone, Get a lawyer. my father passed away 4 years ago. after he died, i inherit his substantial shares for the company. after a very long discussion between the directors and me, they decided to appoint me as director. (there's a lot of gentleman's agreement between my late father and the other shareholders, too personal to write down here) i have no experience in working as a director, i have no experience in this business. should i hire a lawyer to help me out? the directors in the company are professional and nice people, tho i have no idea how to negotiate on my director allowance and salary. should i demand or just accept their offer? i am currently working with a public listed company as an editor. if im not mistaken, i have to resign if i hold a position as a director in another company, right? any advise helps If the other directors are bad, when shit hits the fan just blame you or put your name on contracts that going bad. Easily sued. So get a lawyer to detail down and explain what is your involvement and scope of the director job |
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Aug 19 2023, 09:39 PM
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#13
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Senior Member
4,351 posts Joined: Oct 2009 From: Bintulu, Sarawak |
Parking in this thread.
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Aug 20 2023, 10:55 PM
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#14
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Junior Member
23 posts Joined: Mar 2010 |
QUOTE(ghoster @ Aug 15 2023, 07:41 AM) that is the plan. you must remember this mantra...there's a few internal problem that causes problems. its like someone intentionally try to kill this company. they need to solve this by hiring me, and replace that guy the enemy of my enemy, is my friend. also you need to ask the right questions i was part of a change management group, where i was tasked with re-organization, i.e. chop, slash and burn. ghoster liked this post
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Aug 20 2023, 11:03 PM
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#15
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Junior Member
66 posts Joined: Oct 2016 |
Did the other directors asked you to join as executive director? If it is just non executive post by virtue of your shareholdings, you can let them continue to run the show.
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Aug 21 2023, 12:27 PM
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Staff
4,277 posts Joined: Jun 2007 From: 地獄だ |
QUOTE(ghoster @ Aug 14 2023, 04:17 PM) i was intend to sell, but because of the 'gentlemen's agreement' between both parties, i had to cancel the deal and decided to involve with the company instead. Sounds like there may be some sort of conflict of interest. Any reason why you're still hanging onto the Editor's job while you need to fully focus on running current company? I think eventually you may need to decide. the company that my dad left have a broad market, so at some point, it can kacau with the company im working with. what is the right word for it, conflict of interest? Since you're entirely new to this whole thing and its a pretty big business, and you're not well versed with the people there - like some suggested, get in a lawyer to review the contract and details. At the same time, consider getting in a consultant to assist you in making assessment of the company's situation (financially, structure, overall business etc). This is a shortcut in learning IMO, and to hear from a neutral/ unbiased perspective as the other Directors may share their opinion based on areas that will benefit them. |
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Aug 22 2023, 03:52 PM
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641 posts Joined: Dec 2007 |
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Aug 22 2023, 04:01 PM
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641 posts Joined: Dec 2007 |
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Aug 22 2023, 04:05 PM
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Senior Member
2,403 posts Joined: Jan 2003 From: Sarawak / United Kingdom |
QUOTE(ghoster @ Aug 22 2023, 03:52 PM) im one of the board of directors now... my 2 cents, if your dad was not involved in the day to day running, and he didn't ask you to join the company (since you're working elsewhere), no reason you should get involved now. back when my dad was one of the director, he didnt involve at all. he just signs all the document given how is the company's health ? as a Director / Shareholder you have full access to the Audited Reports, ask the company auditor to go through with you. ghoster liked this post
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Aug 22 2023, 04:13 PM
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641 posts Joined: Dec 2007 |
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