Mr. See is the managing director of a public listed bus company, TRM Ltd. The company owns and operates a fleet of more than 3,000 buses. Prior to that, TRM incurred losses for several years. It was only after Mr. See’s appointment as the managing director in 2008 that the company started to become profitable.
Since then, Mr. See’s salary had increased threefold. He renovated his office several times and started to decorate his office with antique chairs and rare paintings for “good luck”. This acquisition was made without consulting anyone including the Board of Directors. He spent a total of SGD 2 million for the renovation. His outgoing and lavish personality gained him much media attention. He also showered expensive gifts to many of his personal friends as MD of TRM Ltd and or gave them contracts from TRM Ltd without going through the tender process.
In 2011, many of TRM’s buses started to break down. His drivers were also involved in road a number of fatal road accidents and were late in picking up passengers. All these resulted in generating angry public feedback. Several shareholders called for Mr. See’s resignation, citing his failure to uphold his “duties as a director.” Alternatively some of them wanted to remove him from the Board. Describe the roles, responsibilities and removal of directors of a public company, and advise Mr. See. 40marks
REMARKS : Need to indicate Singapore Statues (law) in this essay IF NEEDED
Next, the essay has to be written in this format ( if applicable)
introduction
identify legal issues
Principles to the facts
conclusion ( positions of the parties )
Last Completed Projects
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