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Ben Jones
Ben Jones, UK Lawyer
Category: Employment Law
Satisfied Customers: 12303
Experience:  Qualified Employment Solicitor
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My father is major shareholder and Chairman & CEO of the

Customer Question

Hi, my father is major shareholder and Chairman & CEO of the company he started many years ago. It is a private limited company and currently he receives a salary. He is 79 and his health is failing, he would like to step back from the company still be chairman and draw some form of income on top of his dividend each month, is there anything he can do.
Submitted: 2 years ago.
Category: Employment Law
Expert:  Ben Jones replied 2 years ago.
Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today. So he wants to remain a shareholder too I presume?
Customer: replied 2 years ago.
Yes he does, and also chairman.
Expert:  Ben Jones replied 2 years ago.
Thank you I have referred this to a colleague of mine as there is more of a corporate slant to this than an employment one. You will be contacted as son as he is online. Thanks
Expert:  Alex J. replied 2 years ago.
Hi, Thank you for your question and welcome. My name is ***** ***** my colleague has asked me to assist you. I am a company law expert. He could still remain as Chairman and be able to draw a small "consultancy fee" for the time does spend on the company. His dividends are entirely separate, he does not need to be a director or under a consultancy or contract of employment to receive these. Who will take over the running of the company? Will he appoint a new director? Does the chairman currently have any voting privileges (i.e a deciding vote) at board meetings?