Angelo Russo is a non-executive director of Creamy Cake Ltd, a large publicly listed company that specialises in the manufacture and wholesale distribution of Italian cakes and pastries. The company recently announced a tender for the supply and installation of a new cake machine. Three tenders were received and the board of Creamy Cakes Ltd is due to meet in October 2020 to consider which tender to accept. You have been informed by Angelo that one of the tenders was from a company which is owned by his friend, Mr Farabuto Smith. Angelo later discloses to you that he also owns 30% of Mr Smith’s Company.
You are asked to advise Angelo whether he:
1. Has breached any of the provisions of the Corporations Act 2001 (cth)
2. Whether he needs to disclose any of his interests.
3. Can he still sit on the board meeting?
Answer to Question 1- No he has not breached any of the provisions of the corporation act 2001(cth)
Answer to Question 2- Yes he has to disclose is any interest to the member
Angelo Russo is a non-executive director of Creamy Cake Ltd, a large publicly listed company that...
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