NOMINEE DIRECTOR
\nˈɒmɪnˌiː da͡ɪɹˈɛktə], \nˈɒmɪnˌiː daɪɹˈɛktə], \n_ˈɒ_m_ɪ_n_ˌiː d_aɪ_ɹ_ˈɛ_k_t_ə]\
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An individual who is given the role of a non executive director on the firm’s board of directors, in place of another person, investor or financial institution. It also refers to a resident in a tax haven who acts as a trustee to an offshore firm in a tax haven country. Usually, the nominee director is not obligated to owning shares of the company. however, if the need arises, he or she must be able to gain the ownership of shares within a short period of time. Sometimes, another firm can take the role of the nominee director.
By Henry Campbell Black
Word of the day
tinctura quininae ammoniata
- A preparation made by dissolving quinin sulphate in alcohol [Br. Ph.].