Can our Panama company remove a director who refuses to attend meetings and blocks resolutions?

Question

One director has stopped showing up and won’t sign written resolutions, so we can’t approve accounts or contracts. Our bylaws are vague and we want to avoid claims of wrongful removal. What steps and notices are required under Panamanian corporate rules?

Molina &amp; Co · Accepted Answer

In principle, the company may remove a director. However, it is necessary to determine whether the individual is a shareholder or a director appointed by the shareholders, as this may affect the procedure. Rodrigo Julio Molina O

PANAMA LEGAL BUSINESS (PANLEB) · Answer

The company, through its Shareholders’ Meeting, may proceed with the removal of the director. However, it is important to first assess the company’s specific situation, the potential implications of such action, and the duties and authority currently held by the director.

Can our Panama company remove a director who refuses to attend meetings and blocks resolutions?

Lawyer Answers

Molina & Co

PANAMA LEGAL BUSINESS (PANLEB)

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