Appointment of Auditors!!

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August 10, 2019 at 10:36 pm #527093
omarsherif999
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Dear Professor,,
What is the difference between the 2 sentences & why the first sentence is the correct?
1) Auditors are appointed by the members every year.
2) Auditors are appointed by the BOD (Board of Directors) every year.
Who is meant by the members? I think based on my false information that members = Directors of the BOD.
Thanks So Much,,
August 11, 2019 at 9:32 am #527120
Kim Smith
Keymaster
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“Members” will generally mean “members of the COMPANY” (e.g. see page 11 of the AA notes) – i.e. the SHAREHOLDERS (assuming that the company has shares).
Directors are members of the board of directors.
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