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A nominee director is a person who is appointed to a board of directors by another person or entity to act on their behalf.
A Nominee Director is considered unequal to a regular company director, even though, under the laws of Singapore they possess the same responsibilities as a regular director. In most cases, Nominee Directors will not have executive authority over decisions within the company they are appointed to.
In summary A nominee director is someone appointed by a business owner to act of their behalf. On paper, the nominee takes the role of company director, and they act in place of the company in that jurisdiction. The nominee is responsible for maintaining a company's legal responsibilities.
What is the procedure to appoint a Nominee Director? Disclosure of the agenda of the meeting. Pass a board resolution to appoint a nominee director under Section 161(3) before holding a board meeting. In the absence of the company secretary, authorizing the general manager.
A POA is essentially an agreement to enable the nominee director to represent or act on behalf of you in your company. Through the POA, the nominee director will have the power to carry out activities such as signing contracts and opening bank accounts on your behalf.