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Directors Retirement

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Directors Retirement

  • This topic has 3 replies, 2 voices, and was last updated 10 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • May 10, 2015 at 9:34 am #245071
    allenmendonca
    Member
    • Topics: 26
    • Replies: 21
    • ☆

    If there are 22 directors in a company and a shareholder gives a special notice to the company to remove him and at the next annual general meeting he is removed, will 7 other directors have to retire as well or only 6 due to the 1/3rd rule?

    May 10, 2015 at 9:52 am #245072
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    A company with 22 directors is a BIG company and it’s most likely that, under the UK governance and Stock Exchange rules, 100% of the directors will retire each year and seek reelection

    That reelection is by individual resolution unless a special resolution has previously been passed allowing for the reelection of the directors by composite resolution.

    To answer your (highly obscure) question, I’m guessing! But my guess would be that 7 should retire and seek reelection after the one that has just been removed

    Ok?

    May 10, 2015 at 1:19 pm #245098
    allenmendonca
    Member
    • Topics: 26
    • Replies: 21
    • ☆

    Thank you sir,

    You’ve helped me remember another point which i forgot and cleared my doubt as well.

    May 10, 2015 at 6:19 pm #245144
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23327
    • ☆☆☆☆☆

    You’re welcome

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    Posts
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