At a recent meeting, the board was presented with a proposal from Ali Sheedy, an education designer, and an old school friend of Jia relating to an investment in an animation start-up company to enhance student engagement. The proposal was for the company to invest $2.6m for 40% of the animation company. Ali informed Jia that there was intellectual property issues but the lawyers had indicated it should 'blow over.' Ali also offered Jia an amount of $260,000 paid to Jia's private company, if the investment was approved. The board meeting approved the purchase the investment.Which director's duty may have been breached? Group of answer choicess181s183s182
Question
At a recent meeting, the board was presented with a proposal from Ali Sheedy, an education designer, and an old school friend of Jia relating to an investment in an animation start-up company to enhance student engagement. The proposal was for the company to invest 260,000 paid to Jia's private company, if the investment was approved. The board meeting approved the purchase the investment.Which director's duty may have been breached? Group of answer choicess181s183s182
Solution
The director's duty that may have been breached in this scenario is s182. This section of the Corporations Act 2001 (Cth) in Australia pertains to the use of position. It states that a director, secretary, other officer or employee of a corporation must not improperly use their position to gain an advantage for themselves or someone else, or cause detriment to the corporation. In this case, Jia may have breached this duty by potentially using her position to gain a personal advantage (the $260,000 offered by Ali) if the investment was approved.
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