Reborn as a Hong Kong Tycoon

Chapter 135 Board of Directors

On February 1978, 1.

Lin Baicheng came to Hutchison Whampoa again, and today Hutchison Whampoa held a board meeting.

Hutchison Whampoa has a total of nine director seats, and the major shareholders, the Qi Dezun family and HSBC each occupy two seats. Among them, Richard Richard and Chen Xinghan in the management team each occupy one director seat for the Qi Dezun family and HSBC, and the remaining two The directors are Jardine Matheson and a British investor.

Jardine Matheson holds 3% of the shares of Hutchison Whampoa, which is not much, but this is already a relatively large proportion of individual shareholders. In addition to the strength of Jardine Matheson, it has a directorship.

Another British shareholder, Bob, happens to hold 5% of the shares. In the case of non-concentrated shareholding, he has a directorship, and he himself serves as the director of the company.

After the meeting of the board of directors, Lin Baicheng automatically became a director of Hutchison Whampoa and became the chairman of the board of directors of Hutchison Whampoa. Who made him hold the most shares in Hutchison Whampoa?

In addition, because HSBC sold all Hutchison Whampoa shares to Lin Baicheng, the two directorships of HSBC were transferred to Lin Baicheng.If Lin Baicheng wanted to nominate his favorite director, he could completely cancel Chen Xinghan's title of director and nominate someone from him.

At the board meeting held this time, all the directors came, and no one was absent.

"I am very honored to be the chairman of the board of directors of Hutchison Whampoa. I would also like to reassure all directors and the shareholders represented by each director. I will definitely develop Hutchison Whampoa and create more profits to repay all shareholders."

"This is one of my proposals, about the incentive plan for management and outstanding employees to hold shares. I hope to get the support of all directors."

Lin Baicheng said and gestured to Cheng Yufeng who was sitting not far away, and Cheng Yufeng distributed the copied documents to the directors.

Wei Li and other management have read it, so it is mainly for other directors to read.

After a while, Bob frowned slightly and said: "Chairman Lin, this plan is unnecessary. I admit that this incentive plan can mobilize the enthusiasm of the management, but it will also cost the company a lot of money, and the interests of all shareholders will be damaged. Without Before the incentive plan, the company was doing fine, and I don’t think there’s any need to do it.”

"Director Bob, how can this be superfluous."

Lin Baicheng listened and explained: "The purpose of this incentive plan is to retain talents for the company, let these talents grow together with the company, and contribute to the company's development. The better the company develops, the more likely they will be rewarded with shares. The shares they reward will be more valuable."

"What's more, we use 20% of the company's profits to buy stocks, and this profit excludes the way to sell a large number of assets. Only the profits from operations are counted in it. Don't worry about the management selling the company's assets in order to make short-term reports look good. .”

"No matter what, I and all the directors are watching, so there is no need to worry about the management messing around. You know, the sale of any important assets cannot take effect without the approval of me, the chairman of the board."

As early as when Cheng Yufeng was asked to formulate the equity incentive plan, Lin Baicheng asked Cheng Yufeng to block all kinds of loopholes, at least allowing the management to stay in the company for more than five years, unless the executive does not want to get the shares .

It is not bad to be able to keep excellent talents in the company for more than five years. If you want people to work for the company for a lifetime, it is almost the same as a Japanese company, and those who will work in a company for a lifetime are usually low-level social animals. It is possible to poach corners, or even start a business by yourself.

With the support of the management, Lin Baicheng's proposal passed without any surprise.

Lin Baicheng continued to submit the proposal: "This is the next proposal. I decided to borrow 5 million Hong Kong dollars from HSBC to supplement the company's cash flow and use it to develop the company."

The director representing the interests of Jardine immediately said: "Chairman Lin, the company's debts are already as much as 13 billion Hong Kong dollars, and another loan of 5 million Hong Kong dollars will be too much?"

"The company itself has to pay interest on a large amount of loans every year, and there is no need to add another 5 million Hong Kong dollars in loans." The shareholder representing Qi Dezun's interests also said.

Bob said directly: "I oppose this proposal. The company already has enough loans. There is no need to borrow from the bank, and it will increase the burden on the company."

"If the company wants to develop, it needs more funds. The company has a lot of debts, but this is not a reason not to take out loans. As long as there is a need for loans, we should be bold." Lin Baicheng responded aloud.

Bob said in a deep voice: "Chairman Lin, I think you need to reconsider. Even if you want a loan, at least you have to wait until the company's short-term debts are paid off, otherwise the company's profits this year may only be enough to repay the bank interest." gone."

"Dear directors, the loan from the bank is for the purpose of developing the company and making money. Therefore, the company's revenue and profit this year will not be affected by this loan."

"That's all I've said, let's have a vote."

Lin Baicheng said and looked at Wei Li and the other five people. It doesn't matter whether the bill can be passed this time, but he can see if Wei Li and other management really support him. If someone is disobedient, then he It's time to do it later.

"I agree with Mr. Lin's proposal!" "I agree too!"

Wei Li and others were very knowledgeable, and they all agreed with Lin Baicheng's motion, and the motion was passed.

Wei Li and others knew very well that Lin Baicheng was the company's largest shareholder and the chairman of the board of directors, and sooner or later the company would operate according to his will.If you can't stand it, you can leave directly. Backstabbing is meaningless. After all, the chairman of the board of directors can remove any director whose equity is less than 15%.

Only when the shareholding in a listed company exceeds 15%, will a 100% directorship be obtained. It does not require the approval of the board of directors, and it is useless for the chairman of the board of directors to object. shareholders' interests.

Bob and others disagreed, but it was useless at all, because more directors agreed, and Lin Baicheng's motion was passed.

Bob and the others can see that the board of directors has been controlled by Lin Baicheng, the major shareholder, and the future development of Hutchison Whampoa will be under Lin Baicheng's control.Now they have only two choices, either let Lin Baicheng make the decision and be a spectator before Lin Baicheng makes a big mistake; or sell the shares and let Lin Baicheng play by himself.

How to choose, Bob and others did not immediately make up their minds. They must take a look to see how the development of Hutchison Whampoa will be in the next period of time, and then make judgments based on the development situation.

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(End of this chapter)