Thai Law | Share holders
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| Thai Law |
Thai law | What it means to be a shareholder of a company ,though many
people think that other positions are more important ,for example Managing Director. The share owners are the real owners of the company itself, a
Managing Director is significant position in the company but in the end they
are just another employee who is acting for the firm. The real holder who handle everything from company directions to major
decisions are the shareholders whoever they perhaps.When
there is an issue with the firm the firm
will solve it by committee a shareholders’ meeting
where they find a solution the problem by way of sounding. The process of
voting is not always one vote per share but depends on the companies set up and
regulations, such as they have privilege shareholder’s and
how many votes are disseminate per share
follow Thai law, such as ten votes per share, or
five votes per share.
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| Thailand Law |
If you are the majority shareholder of the company you are
in your rights to do as you please with the company, as you are in control of
the company with the majority vote. Don’t let a Managing director who is maybe
your wife/partner high or an employee control the company, as you are the one
who sets up the company strategy and the Managing directors job is just to
follow up on that policy and execute it successfully. If the Managing director
does not act in the best interests of the company or negates to fulfill serious
job responsibilities, they are assigning an act of offence respecting
the company restrictive or partnership
of which the infliction can be a fine or jail time under Thailand law .
Such as
• Not
announcing a shareholders’ meeting equals a twenty thousand baht fine.
• Not
fulfilling responsibilities regarding balance sheet and/or booking equals a
fifty thousand baht fine.
• Stealing
shares by changing the names of shareholders on the shareholders list is a
serious offence with a jail sentence not exceeding seven years under Thailand law.
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| Thai Law |
Our comment: Managing directors even if they are in a big
company or public company are still employees, they are there to serve the
needs of the shareholders and should go about their work with transparency and
efficiency follow Thai law as it is their
responsibility to facilitate the shareholders aims and direction. There are
quite a lot of cases in Thailand where foreigners will come to set up the
company here and they put their wives or family in this job position. Because
they falsely think that they are in the highest position in the company, many
who are given this responsibility abuse their power and don’t fulfill the tasks
required of them. There are a lot of big cases like this in the Thai courts,
also please understand that an offence committed at this level is not just a
civil offense but a criminal one as well which can lead to jail time. If you
have any question about Thailand law please
write into us.
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