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Clive Palmer In Making Executive Decisions Essay

587 Words3 Pages

Role of Clive Palmer in making executive decisions The administrator report shows that Palmer acted as a shadow director of Queensland Nickel even though Palmer stated publicly that he is retired from the company after becoming a federal MP in 2013. Palmer’s actions, including being a signatory on three QN bank accounts which shows that he can authorise the transactions on these accounts. Besides, Mr Palmer exercised director’s powers in influencing the decisions of the company. Mr Palmer has the right for deciding the expenditure requests of amounts that is varying within and below his approval threshold. Moreover, he has the power to control the company’s ability to obtain supply or services, or any other issues related to day to day operations of the refinery. Nevertheless, Mr Palmer keeps on dealing with company staff in day to day operational matters. As a result, the administrators concludes …show more content…

QNI Resources and QNI Metals are the two companies fully owned by Clive. Those two companies own QN. Capital structure of QN (relative proportions of debt and equity) The capital structure of QN has higher proportions of debt than equity. QN went to the liquidation because that company is more than $100 million in debt and the administrators expects that company will need tens of millions injected into QN to continue operating. On the other hand, this can be proved by the offer of $250 million in Waratah Coal assets as security against which QN could borrow money from. Moreover, QN forgives the $30 million in loans to outside Palmer’s entities which is QNI Resources and QNI Metals. This shows that QN has larger proportion of debt as capital compared to equity. Role of debt holders in the provision of

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