Latest news with #boardofdirectors
New York Times
10 hours ago
- Business
- New York Times
Don't Trust Your Co-op Board? Here's How to Take Over.
Q: I live in a co-op building in central Queens where the board of directors is secretive and, we suspect, corrupt. Shareholders are not invited to monthly meetings, only to the annual meeting, when elections are held. We are not asked if we want to run for the board. The board has refused to share minutes of its monthly meetings, telling us to travel to the managing agent's office in Nassau County to read them! We are trying to get five other shareholders to run, but the managing agent won't tell us the date of the next annual meeting. How can we force the board to have an election? What do we do if it refuses to turn over control to new board members? A: The board's behavior does indeed seem suspicious, but it may not be illegal, depending on the rules set out in your co-op's bylaws. Most co-op boards are not required to open their meetings, with the exception of the annual meeting, to shareholders. Telling you to travel to Nassau County to read the minutes 'is a bit antiquated but permissible,' said William J. Geller, who practices real estate law at Braverman Greenspun. Still, a board's refusal to communicate, hold elections, or provide access to records could be an indication that it is not acting in the best interests of shareholders, said Debra J. Guzov, who practices real estate law in Manhattan. Your best course of action is to educate yourself on the building's rules and organize your neighbors to elect new leadership. Read the bylaws, proprietary lease and house rules to make sure the board is acting legally and to find notice provisions for the annual meeting. If these documents are silent or incomplete, refer to section 602 of the New York Business Corporation Law, which has requirements for the timing and conduct of meetings. From there, prepare for the annual meeting. The directors might be elected annually, or there might be staggered elections, meaning a fraction of the board is up every year, Mr. Geller said. If the board fails to hold an annual meeting and election, shareholders with at least 10 percent of the shares have a right to call a special meeting to elect directors. Determine a slate of candidates and build support for a change in leadership. If new board members are elected and the incumbents do not transfer power, shareholders can hire a lawyer to seek either emergency injunctive relief or an Article 78 proceeding under Civil Practice Law and Rules. Be aware that Article 78 proceedings have a four-month statute of limitations from when a request is denied. For weekly email updates on residential real estate news, sign up here.
CTV News
2 days ago
- Business
- CTV News
Sudbury's Wordstock festival faces dissolution amid financial woes
Wordstock Sudbury Literary Festival board recommends dissolution amid financial woes, with final vote set for next week. The Wordstock Sudbury Literary Festival faces dissolution as its board recommends disbanding due to financial struggles, with members voting on the decision next week after founder Heather Campbell's layoff and rising costs forced the painful move, mirroring challenges hitting literary festivals nationwide. The Wordstock Sudbury Literary Festival could soon come to an end after its board of directors recommended dissolving the organization due to mounting financial pressures. The board's decision follows the recent layoff of founder and director Heather Campbell as the festival grapples with rising operating costs and limited funding opportunities. A final vote on the recommendation will take place at a virtual membership meeting scheduled for June 4. Kyla Heyming - Wordstock An undated photo of Wordstock Sudbury chair Kyla Heyming. (Wordstock) 'Wordstock for me is one of the reasons I decided to stay in the city, so it's even more bittersweet,' said Kyla Heyming, the festival's board chair, on Wednesday evening. 'It's something I got to enjoy, promote, share, and help build. We're at this point where I have to try and face the reality of it all—we are recommending the dissolution of something that's so near and dear to my heart.' In a news release, the board acknowledged the difficulty of the decision, citing the festival's strong community impact since its founding in 2013. 'Heather built Wordstock from the ground up, and her passion for literature has left an indelible mark on this community,' Heyming said. 'But given the financial pressures and resource limitations we're facing, we believe it's time to have an honest and respectful conversation with our membership.' Wordstock Sudbury Literary Festival The most recent Wordstock Sudbury Literary Festival logo. (Wordstock/Facebook) Wordstock's struggles reflect broader challenges for small arts nonprofits across Canada. The board emphasized its gratitude to sponsors, volunteers, and attendees who supported the festival over the years. Further updates will follow next week's membership meeting.
Argaam
3 days ago
- Business
- Argaam
Qomel board recommends 20,000 share buyback to retain as treasury
Qomel Co.'s board of directors recommended on May 28 the repurchase of 20,000 of its ordinary shares to be retained as treasury shares and be allocated within the employee stock incentive program. In a statement to Tadawul, the bank said the share buyback will be funded through its own resources. The move is still subject to the approval of the next extraordinary general meeting (EGM).
Forbes
3 days ago
- Business
- Forbes
Former Goldman Investment Banker Joins Yum China Board Of Directors
Former Goldman investment banker Grace Xin Ge has joined the board of directors at Yum China. Grace Xin Ge, a former managing director in the investment banking division of Goldman Sachs, has joined the board of directors of Yum China, the operator of KFC and Pizza Hut chains in China. Ge, 48, is the founding partner of G-Bridge Partners, an investment and advisory firm that focuses on cross-border business and venture scaling in Europe and Asia since September 2022, according to an announcement on Sunday. Earlier she was CFO of Baidu spinoff Du Xiaoman, a partner of Ares Management Private Equity Group, and a managing director at the investment banking division at Goldman Sachs. She worked at PricewaterhouseCoopers in Beijing and San Francisco from July 1998 to June 2003, according to her biography. Ge, who holds a Harvard MBA, is currently an independent director at Keep Inc., a Hong Kong-listed online fitness platform and solutions company, and Goldstream Investment Limited, an investment management company that is also listed in Hong Kong. Ge will be entitled to an annual retainer equal to $315,000 for her service as a director in accordance with the director compensation policy previously approved by the board of directors, payable in Yum China's common stock or, if requested by her, up to one-half in cash, Yum China said. She will be entitled to additional retainer for serving on any committees of the board of directors in accordance with the director compensation policy, the announcement said. Yum China's legal team doesn't allow the company to say where Ge is currently based, according to a Yum China manager. Yum China, a China spinoff from U.S.-listed Yum, has attracted customers to KFCs over the years with local eats such as tea eggs, salted egg yolk rice rolls, sweet pumpkin congee with lotus seeds, and red bean drink with sweet fermented rice. The company's CEO Joey Wat ranked No. 8 on a survey of China's most successful businesswomen published earlier this year by Forbes China, the Chinese-language edition of Forbes.
Bloomberg
3 days ago
- Business
- Bloomberg
Honeywell Enters Cooperation Pact With Elliott Before Breakup
Honeywell International Inc. agreed to cooperate with Elliott Investment Management and add a member of the activist shareholder to its board as the industrial firm prepares to split into three companies. Honeywell named Marc Steinberg, a partner at Elliott, as an independent director and audit committee member, the Charlotte, North Carolina-based manufacturer said in a statement on Wednesday. The appointment is effective May 31.
