My Role as a Nominee Director

With many different types of directors being recruited and serving a corporate company such as a managing director, sales and revenue director etc, the post of nominee director has its own significance. I was honored with this designation by an appointer and I have the task of working under the appointer’s interests. The appointee who had appointed me has a large number of shares in his name and thus I enjoy a good respectable position in the company. Certain times I have participated in the decision making of the company and certain times it has happened such that I had to refrain myself from decision making as my decisions and my company’s decisions locked in conflicts. Certain times I am also regarded as a non-executive director and this are when I do not participate in the everyday working of my company. Thus my needs and my services, my commitments and my work are all handled by my appointer according to his benefits and interests. Furthermore I have all the rights and the obligations what the director also enjoys. I basically work for both parts, for my appointer as well as for the company to which I am working for. For my company, I act as a conduit for information and for my appointer I work to represent the interest of my appointer on a board meeting and conferences.  Basically my work in this designation is to represent an interest outside the company.

For the people who want to know my work more illustratively I urge them to read the following lines clear. This post or designation for which I am working has grown in demand because of the financial loans that are provided by the financial institutions. And when such an institution grants a loan to a company, have certain conditions and one being as the appointment of their representative on the board of the companies who wish to avail a loan. And thus such a person who has the task of safeguarding the interest and privacy of an institution is called a nominee director and I being at such a post have all the rights of making decisions about the loans and the contracts and clauses. With a formidable salary of almost around $6000 and with the excitement of the work under the company as well as my appointer, this seems to be a good position to be in for all those people reading this. I have been subjected to many clauses and conditions while being enrolled for this designation as one of them being depositing a formidable refundable amount of $10000 to my appointer and the other one being an agreement called as the Nominee Director Indemnity agreement. With all the duties of maintaining privacy and safeguarding the interests of my company, I am responsible for any of the failures that happen to be in the company regarding loan matters and financial matters. But to my credit there have not been any such crisis situations since the time I have been working at this designated post.