Reference no: EM133562578

Question

Healthwise Ltd (Healthwise) is a premier healthcare provider in Australia. However, recent developments have witnessed the departure of a substantial number of patients to rival clinics, causing financial strain for the organization. The company boasts an investor base of approximately 3000 individuals, collectively holding around 200,000 shares. CareFirst Equity Ltd (CareFirst), a prominent equity firm in the country, holds 20% shares in Healthwise. Michael Adams, an experienced medical practitioner, has held the position of Chief Medical Officer at Healthwise for several years. Despite owning only 5% of the shares, his role as a founding director of the company grants him significant influence within the company. CareFirst asserts that part of Healthwise's challenges can be attributed to Michael's authoritative presence on the board and his failure to accurately assess the risks and opportunities for the company. CareFirst seeks to remove Michael from the board and replace him with their nominee, Emily Hughes. CareFirst has approached one of the board members, Laura Foster, requesting her to raise this matter during the upcoming board meeting. However, during the meeting, Michael exerts his influence to ensure that no resolution is passed to convene a meeting. Advise CareFirst with a full explanation of what rights they have under the Corporations Act 2001 (Cth) to ensure that a meeting can take place to remove from the board.