nominee director

  

Definition

Person who acts as a non-executive director on the board of directors of a firm, on behalf of another person or firm such as an bank, investor, or lender. Also, a resident in a tax haven who lends his or her name to a non-resident as a trustee on the board of an offshore firm in that haven. Typically there is no shareholding requirement for the nominee director but, if the bylaws of a firm impose a share qualification, he or she must obtain them within the specified period. Some jurisdictions allow a firm to be named as a nominee director of another firm. Also called straw man.

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