HBG, Independent Directors Sacked

mtd#2 said:
Ppl should still get there Saturday, but it's not nothing...

The NRL have intervened and now we are extending our coach, appointing the preferred CEO (behind Richo) and forced HBG to backflip on a decision...

You could almost argue we are in a better position today than we were 4 weeks ago... I know Richo is gone, but we have the NRL behind us now, that's more power than Richo ever had...
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Agree. Hbg put back in their box and likely to flick Dennis. Benji with an extension, which will appease the playing group. Besides how comical this all is, remarkably looks like we are going to be fine
 
Wtiga said:
ASIC have the power to investigate directors if they have breached. It is the only thing directors fear. It has real conseqeunces. Every company director is regualted by ASIC because of the Corps Actr
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They are not a Pty Ltd...they are a registered club in NSW.
 
weststigers said:
They are not a Pty Ltd...they are a registered club in NSW.
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Holman Barnes Group’s legal entities (e.g., Western Suburbs Leagues Club Ltd, Wests Ashfield Leagues Club Ltd):


  • Are public companies limited by guarantee
  • Hold ACNs and ABNs
  • Must comply with the Corporations Act 2001 (Cth)
  • Must comply with
    • Directors’ duties (s180–184)
    • Reporting obligations
    • Governance standards

ASIC regulates:


✔ Directors’ duties​


✔ Improper purpose / misuse of position​


✔ Fraud, dishonesty, misleading conduct​


✔ Conflicts of interest​


✔ Mismanagement that affects the corporate entity​


✔ Breaches of the Corporations Act​


So yes, ASIC absolutely has power if the concerns relate to:


  • The board’s decision-making
  • How directors used their position
  • Whether duties were met
  • Whether corporate processes were followed

Even though it’s a “club”, it is still a company.
 
bbobb said:
He was a Wests Tigers Board appointment and not responsible to HBG. Richo may have been protected by the WT board and HBG took the nuclear option and sacked the independent board members.
The investigations by NRL and HBG regarding Richo’s actions seem to be an odd backstory here.
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If there was more substance to the investigation they wouldnt need to blow up the independents to get rid of him. Could have avoided this whole shitshow.
 
mtd#2 said:
I was ok with your post till you left this little nugget at the end...

What did Richo get out of us that wasn't agreed to in a contract?
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Well he’s walked away with 1.5 million hasn’t he ?
He received hundreds if not thousands of emails from Wests Tigers fans offering their support and as far as I’m aware, I don’t think he replied to anyone.
I’m sorry if you don’t want to hear it, but I don’t think he gave a flying you know what about Wests Tigers.
 
Vicious said:
TigerNeddyK I’ll give you a life lesson.
Nobody is going to tell you everything you want to hear..
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one back at ya vicious,, some people need to listen more and talk less, especially when they dont know what they are talking about….also people that matter don’t chatter and people that chatter do not matter
 
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Imagine how many Issac Moses rejects we will end up with if Backdoor Benny ended up back in the joint. I can’t believe anyone in the HBG thought that was a good idea. Ludicrous.
 
Tom Shines said:
Chammas might be a smug barstard …but if the story has come from him than it’s true …apparently Barry is still to decide …but I doubt it gets to this stage unless it’s got legs that he is returning at least as interim
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Here's one possibility

The NRL interviewed all 4 sacked board members yesterday. The story doesn't look good for HBG particularly with the false reasoning.

NRL steps in to broker a peace deal and return things back to how they were.

In the NRL mind, it is minimal use of power to reinstate a working system. Job done and resolved swiftly.

Unfortunately, it leaves the structure that allowed it to happen in the first place in tact.
 
Wtiga said:
Holman Barnes Group’s legal entities (e.g., Western Suburbs Leagues Club Ltd, Wests Ashfield Leagues Club Ltd):


  • Are public companies limited by guarantee
  • Hold ACNs and ABNs
  • Must comply with the Corporations Act 2001 (Cth)
  • Must comply with
    • Directors’ duties (s180–184)
    • Reporting obligations
    • Governance standards

ASIC regulates:


✔ Directors’ duties​


✔ Improper purpose / misuse of position​


✔ Fraud, dishonesty, misleading conduct​


✔ Conflicts of interest​


✔ Mismanagement that affects the corporate entity​


✔ Breaches of the Corporations Act​


So yes, ASIC absolutely has power if the concerns relate to:


  • The board’s decision-making
  • How directors used their position
  • Whether duties were met
  • Whether corporate processes were followed

Even though it’s a “club”, it is still a company.
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Do you know anything about the regulations and how and when they are applied?

They have not breached the corporations act and board infighting is not a reason for ASIC to become involved.
 
Wtiga said:
lol. Thats actually pretty good... But I'm offering a proper solution. That has teeth. That directors will hate. That the NRL won't want. That HBG won't want. That will stop directors from doing this again in the future. But yes -- not Nike. ASIC.
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That Trippa fella in Cochises pod suggested hed make up a template for Asic as well...
@cochise how did that go>?
 
weststigers said:
Do you know anything about the regulations and how and when they are applied?

They have not breached the corporations act and board infighting is not a reason for ASIC to become involved.
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I have a letter that fans can forward if they wish to - which states facts and which areas of the law they apply to.

And you do not know if they have or haven't. Thats up to ASIC to decide.

Sounds like you do not wish to write in and that's fine.

ASIC get involved if foreseeable harm has been done. If directors have used influence for misproper use, for conflicts of interest.

The test is would a normal director have foreseen the harm by sacking 4 independents (allegedly wihthout proper cause or with a disproportionate response) ... since then
- fans have asked for refunds
- one of the best CEOs has resigned
- brand has been tarnished in the media
- players threatening to leave

And all this after our best year onfield and off field.

ASIC can make those enquiries and determine that for themselves.

I am only suggesting them to investigate based on facts.

You are suggesting nothing has been done to breach it without knowing the laws that apply.

That's your choice.
 
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weststigers said:
Here's one possibility

The NRL interviewed all 4 sacked board members yesterday. The story doesn't look good for HBG particularly with the false reasoning.

NRL steps in to broker a peace deal and return things back to how they were.

In the NRL mind, it is minimal use of power to reinstate a working system. Job done and resolved swiftly.

Unfortunately, it leaves the structure that allowed it to happen in the first place in tact.
Click to expand...

My take - The NRL interviewed the Independent Directors yesterday … I assume the NRL met with the HBG boys today and quickly determined the whole story they were pushing was a bill of goods …when confronted the HBG boys started backpedaling a million miles an hour with plans for the Benji extension and they probably got hit with having to bring back BOF at a weak moment …you would think the NRL would have asked BOF the day before if he was interested in returning…

I doubt BOF is going to be going back if it’s more of the same …and he can be fired again the first Tuesday next month..

I don’t particularly care if HBG retains the ownership…just that their power is curbed and independents can be the primary decision makers in the running of the Football club.,,
 
Tom Shines said:
My take - The NRL interviewed the Independent Directors yesterday … I assume the NRL met with the HBG boys today and quickly determined the whole story they were pushing was a bill of goods …when confronted the HBG boys started backpedaling a million miles an hour with plans for the Benji extension and they probably got hit with having to bring back BOF at a weak moment …you would think the NRL would have asked BOF the day before if he was interested in returning…

I doubt BOF is going to be going back if it’s more of the same …and he can be fired again the first Tuesday next month..

I don’t particularly care if HBG retains the ownership…just that their power is curbed and independents can be the primary decision makers in the running of the Football club.,,
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I tend to agree with this.
 
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