rotation of directors

Under the articles of association of most UK companies, the obligatory retirement of one third of the directors each year (normally at the annual general meeting), so that each director retires by rotation every three years. Retiring directors may be re-elected.

Accounting dictionary. 2014.

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  • rotation of directors — Under the articles of association of most UK companies, the obligatory retirement of one third of the directors each year (normally at the annual general meeting), so that each director retires by rotation every three years. Retiring directors… …   Big dictionary of business and management

  • rotation — /rəυ teɪʃ(ə)n/ noun the act of taking turns ♦ to fill the post of chairman by rotation to let each member of the group act as chairman for a period then give the post to another member ♦ two directors retire by rotation two directors retire… …   Dictionary of banking and finance

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  • annual general meeting — (AGM) Under the Companies Act 1985 a company must hold a meeting of shareholders in each calendar year to deal with matters such as the adoption of the previous year s financial statements, rotation of directors and the appointment of auditors.… …   Law dictionary

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