POLL: Revoke Exclusive: Directors' Guarantee?

Revoke Exclusive: Directors' Guarantee

Poll ended at Thu Dec 04 2014 12:34pm

YES
11
38%
No
18
62%
 
Total votes: 29

BeautifulSunshine
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POLL: Revoke Exclusive: Directors' Guarantee?

Post by BeautifulSunshine » Thu Nov 27 2014 12:34pm

Furthermore to this post:

viewtopic.php?f=2&t=2546&p=6472&hilit=d ... 207f#p6472
richard@imutual wrote:With several cashback sites and their partner companies going into liquidation over the past year, the issue of trust now looms large. Specifically the danger that, if a company goes bust and you have awarded cashback which hasn't yet been paid to you, you stand to lose it :(

It is extremely unlikely that imutual will ever face such financial difficulties. But you can't be expected to take my word for that, so I wanted to provide some additional assurance.

Several months ago, I started a discussion about ring-fencing cashback but proper ringfencing costs money and would mean we would have to offer less than 100% cashback on our offers in order to fund it. Why? Because it is not sufficient to simply put unclaimed money in a separate account. Unless legal agreements have been drawn up, a company facing insolvency cannot set aside some of its funds for specific creditors (i.e. members); it must treat all creditors equally.

To overcome this (and as announced during Monday's webcast), I (and fellow director Mrs Y) have decided to take an unprecedented step; one which achieves the same 'ring-fencing' but at minimal cost. Normally a director of a company is not liable for its debts if it becomes insolvent (unless serious malpractice has taken place), but we the directors of imutual undertake the following:
In the event that imutual PLC became insolvent, we would personally guarantee payments to any member for cashback which had been validated (i.e. the merchant has either paid for the transaction or confirmed that the transaction is valid) but had not been paid out to the member
Please note this does not mean 'all cashback is guaranteed'. We still have to operate on the principle that we can only pay cashback when the merchant confirms that a transaction is valid.

But I hope you will agree that this is a significant undertaking that no other cashback company's directors have ever made. We're putting our heads (and home) on the block to demonstrate imutual's trustworthiness and our own confidence in the company.

I think this should help imutual to stand out from the crowd and give more people the confidence to join and give imutual a try :)
For my 11111th post I propose we, imutual members revoke the Exclusive: Directors' Guarantee. The amount of money guaranteed is enough to bankrupt a man and girl. This is obviously an unfair burden to place upon the shoulders of directors who have done a fabulous job getting us where we are today.
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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by BeautifulSunshine » Thu Nov 27 2014 12:35pm

100% Yes :thumbup:
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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by kevinchess1 » Thu Nov 27 2014 3:07pm

No one like a Poll more than me(Cue jokes about remodeling kitchens)
But I don't see the point of this one
TDG was something that RY offered as his own idea to try and promote confidence in Imutual after the colaspe of Rpoints.
he did not seek, nor did he get, permission/backing of the Shareholders.
Therefore I don't see how we can get him to remove it nor indeed should we
I think it's is one of the many unique selling points of Imutual
No one else offers this
Bear in mind the offer is only a s good as RY word. If he took off to Sunny Sunderland with our money, well, don't think we have an extradition treaty with them
A more likely outcome would be if he was declared bankrupt he couldn't honour it then
As previous posters have pointed out, there should always be a 'Don't know/care' option
That would get my vote
I abstain
Last edited by kevinchess1 on Thu Nov 27 2014 3:34pm, edited 1 time in total.
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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by richard@imutual » Thu Nov 27 2014 3:27pm

I think it's important to keep this - at least until our membership reaches a critical mass and the assurance is no longer required

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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by magnificent7 » Fri Nov 28 2014 6:07pm

I've just got back from "Black Friday" shopping.

I'd hate to see a day when Black Friday had negative connotations.

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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by kevinchess1 » Sat Nov 29 2014 8:36am

underdog wrote:For my 11111th post
But that includes duplicates :thumbdown:
Take them away and it's only 73 :D
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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by BeautifulSunshine » Sat Nov 29 2014 12:12pm

kevinchess1 wrote:
underdog wrote:For my 11111th post
But that includes duplicates :thumbdown:
Take them away and it's only 73 :D
LOL. Be that as it may the number still stands out from the crowd.

The question you must ask is:
If I posted the 11111th post before a Man would my 11111th post have been the same?
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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by BeautifulSunshine » Sun Nov 30 2014 3:14pm

Poll stand at 60:40. There is no definitive winner.
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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by kevinchess1 » Sun Nov 30 2014 3:57pm

underdog wrote:Poll stand at 60:40. There is no definitive winner.
Not sure what you mean?
The winner is the one with 60%?
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Re: POLL: Revoke Exclusive: Directors' Guarantee?

Post by Richard Frost » Sun Nov 30 2014 5:17pm

I would say its a personal issue for the directors. I do not feel it is something I would want to vote on. Their prerogative entirely as to whether they offer a guarantee or not.
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