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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?
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?
Thank you sir,
You’ve helped me remember another point which i forgot and cleared my doubt as well.
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