Asked to take a salary reduction

[Chipsahoy]

Help!

Currently I am a shareholder and owner of a business. There are five of us. I am the only one who also takes a salary as I manage the business.
Business is doing just fine but partners have decided they aren’t getting enough pay out at the end of each year so want to reduce my pay to allow money to go further.
They are all going to vote for this next week.
Do I have any rights? I disagree with the position and this will mean I cannot pay all my bills.

The business is Uk based but the partners all live outside of the Uk. I am British.

Cross-posted. Who are the other directors? They (including you) are responsible for ensuring following employment law. And would usually be the ones setting the payscales.

How does your salary compare to the marketet rate for a similar role?

What do your company articles say? They should specify voting and returns rights

How are the other directors?

What are the voting rights?

Have you made an equity investment or did you input director's loan etc?

Presumably you took independent legal advice at the outset to ensure your interests were protected especially give you are also a salaried employee? You need to speak to your accountant and solicitor about this.

Idk what's allowed legally but agree speak to accountant etc

The advice to leave business well I'd weigh that up with future profits, as you may well see rewards if you stay

Of course you'll want good relationships with others at the same time

You describe yourself as the owner of the business. If you are the majority shareholder, you hold all the power. It doesn't matter that there are more of them. They cannot outvote you.

If the others are not directors, they don't get any say in operational matters such as your pay.

If you are an employee of the business, they cannot reduce your salary without your consent.

If they hold the majority of the shares they could vote themselves onto the board and sack you, but that would be foolish unless they have someone lined up who they think would do the job for less pay.