HBG, Independent Directors Sacked

[Wtiga]

It's a great idea until you realise ASIC has no power over registered clubs and Liquor and Gaming are responsible.

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 Act.

Will it put in an administrator. No.

If there are breaches - will that give the NRL and Liquor Gaming body reason to step in and put in an administrator. YES.

Right now -- they are stuggling to find a legal reason to do it.

If ASIC find breaches - it will give the NRL and Gaming Body the excuse to take over.

That's a fact.

It will also show directors of HBG - present and future that Wests Tigers fans will not allow them to do what they want without real cause. Not some PR campaign - but applying the law which they face.

NONE of them would expect this. But they will all fear it.

 

[Tom Shines]

Methinks a few got extra bold when they thought their feathered wet dreams may be coming true.

A couple of others in the closet outed themselves too,,,

 

[weststigers]

He's always been an oblong in amongst the squares...gotta read some of his player and team suggestions.

There's a few space cadets on here, but I swear some of the 70+ crowd fried their brains during the 60's. They seem to be the worst.

(Not all...some)

I should say about Vicious...for all the shit I've given him he has been nothing but respectful in return which always makes me feel bad.

I think you're alright @Vicious

 

[AnonTiger]

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...

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

 

[weststigers]

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

They are not a Pty Ltd...they are a registered club in NSW.

 

[Tom Shines]

I should say about Vicious...for all the shit I've given him he has been nothing but respectful in return which always makes me feel bad.

I think you're alright @Vicious

He does push some pretty dud players though that he thinks the Tigers should sign …🤔

 

[Vicious]

I should say about Vicious...for all the shit I've given him he has been nothing but respectful in return which always makes me feel bad.

I think you're alright @Vicious

All good champion.
Contrary to what a few people might want to believe, I’ve been around the block a few times.

 

[Wtiga]

They are not a Pty Ltd...they are a registered club in NSW.

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.

 

[TheEnz]

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.

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.

 

[weststigers]

All good champion.
Contrary to what a few people might want to believe, I’ve been around the block a few times.

I don't deserve that grace, but it's appreciated and shows some class.

We can all learn something even from those we disagree with.

 

[Vicious]

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?

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.

 

[weststigers]

He does push some pretty dud players though that he thinks the Tigers should sign …🤔

Hard to disagree Tom

 

[tigertuff]

Until the protected species in Wests Ashfield are removed from any decision making it won’t matter who is chairman. They will just be another puppet for their incompetence. They need to go.

 

[TigerNeddyK]

TigerNeddyK I’ll give you a life lesson.
Nobody is going to tell you everything you want to hear..

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

 

[tigertuff]

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.

 

[weststigers]

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

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.

 

[Tom Shines]

Well .,. That might do me folks …

What a wild day … a stream of news throughout … and most of it was shocking …

No doubt the same ahead tomorrow … we live in crazy times …

 

[weststigers]

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.

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.

 

[innsaneink]

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.

That Trippa fella in Cochises pod suggested hed make up a template for Asic as well...
@cochise how did that go>?

 

[Wtiga]

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.

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.