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Hi mam, Kindly help me understand this process of reelection,
confused with different phrases in different places: ”annual reelection” VS ”Every 3 yrs- relelction”
So far what I’ve understood is they’re subject to an annual reelection and each director must be reelected no later than every 3 yrs. so like annual reelection is going on and directs no reelected in one AGM will be subject to reelection in the next AGM?
and what about nomination committee’s reelection period in particular?
And for audit committee it’s 3 yrs right?
In AA, the UK Corporate Governance Code (Revised July 2018) is examinable only to the extent that it is an example of a code of best practice.
Per the code – which can be downloaded from here – http://www.frc.org.uk/directors/corporate-governance-and-stewardship/uk-corporate-governance-code:
18. ALL directors should be subject to ANNUAL re-election.
I think the confusion arises because in a previous version of the code, all directors (executive and non-executive) were subject to reappointment by the shareholders every three years.
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