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DIRECTORS (((A public company shall keep and maintain a copy of their…
DIRECTORS
A public company shall keep and maintain a copy of their directors' service contract and make it available for inspection at its registered office for at least a year from the date of termination or expiry of the contract.
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Members with at least 5% shareholding are entitled to inspect and provided with a copy of the service contract on payment of such fees.
If requested, the company shall provide the copy within 7 days from the date the request is received by the company.
Any officer who refuse the request for inspection will be liable to a fine < RM250,000 beside a Court order for an immediate inspection or send a copy to the person requiring.
Companies are required to have a register of directors to contain the service address of a director in addition to his name, residential address, date of birth, business occupation , identification and particulars of other directorships of public companies or subsidiaries of public companies.
‘service address’ – an address, electronic or otherwise, provided to the company to which any communication may be sent. [sec 2]
Any changes in the register of directors must be notified and lodged with the Registrar of Companies within 14 days from the change.
Service contract of a director is referred to any contract where director undertakes personally, or through a third party, to perform services for public company or its subsidiaries.
Fees & Benefits
PUBLIC COMPANY
The fees and benefits payable to directors including compensation for loss of office must be approved by the general meeting
S230 replaces the provisions in Table A (CA 1965) that provide for remuneration to be determined by the general meeting
PRIVATE COMPANY
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The details must be recorded in the minutes of the board meeting & shareholders must be informed of the approval within 14 days from the date of approval
shareholders holding at least 10% of the voting rights of the company may request that a director's remuneration be subject to shareholders' approval if they view the remuneration determined by the board of directors as being UNFAIR.
(The approval by shareholders may be made by way of written resolution or an ordinary resolution at a general meeting)
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