Shrimpsvoices

Have we got a Chairman sitting on the board ??? Might seem a strange question, but did our last Chairman, Peter McGuigan, not sell/lose his shares in the takeover fiasco. If this is the case , does he now have any involvement within the club and if so, what is it ? It is a genuine question so only genuine answers please, thanks.

Directors and shareholders are not the same, it's the job of the directors to run a Ltd company. Being a director does not have to mean you are a shareholder and owning shares doesn't make you a director. The shareholders would normally be taking money out of the Ltd but hey ho, this is football so they are expected to put money in otherwise the Ltd company would be insolvent.

All you really need to know is that most of the shares are held by Abdullah, and his agent, Burford , attends meetings casts his votes and effectively makes any decision he sees fit on anything he likes, just like the power PMG had, Board meetings are just just old fashioned protocol, required by companies house..

Except that legally "The Board" can make decisions against the wishes (or without the knowledge) of the majority shareholder, if the majority shareholder isn't an appointed director. Obviously, that's not a good position to be in, but it's certainly legal. The shareholders (if not Board members) don't actually have any powers over the day to day running of the club. The shareholders don't legally have to be told of director's meetings and have no legal power to attend. Of course, if the Board does something against the wishes of the shareholders, they could be removed from office (as the case with Diego). So, in theory, the Board could have given Jim/Ken a new 2 year contract without the knowledge/approval of the majority shareholder! As for the position of "chairman", it's not a legally defined position - it's usually whoever the rest of the directors agree it to be and sometimes (according to articles of association) may have a casting vote.

According to OWS, PMG is still Chairman. This must have been updated as Lemos' name no longer appears as a director as was not the case a few weeks ago.

mrpotatohead wrote:All you really need to know is that most of the shares are held by Abdullah, and his agent, Burford , attends meetings casts his votes and effectively makes any decision he sees fit on anything he likes, just like the power PMG had, Board meetings are just just old fashioned protocol, required by companies house..

So theoretically the decision to give Jim an extended contract could have been down solely to that of the majority shareholder(s).

I would therefore assume that if that is the case then the current Board would have recommended this move to Abdul and Co.