dismissal (noun, dis-miss-al, \ dɪsˈmɪsl \) directors (noun, di-rec-tor, \ dəˈrektərz \)
Definition: is the process of firing an individual or individuals holding the office as directors by prosecuting a resolution passed by the shareholders that releases the employees from their position regardless of whether they have signed a long-term agreement with the company. However, that doesn’t mean that the firm won’t suffer from any contract damages if the dismissal hasn’t been a punishment for illegal activity on the part of the directors.
In a Sentence:
- The shareholder has expressed his intention to go forward with the dismissal of directors responsible for the company’s poor performance in the last quarter.
- Once the dismissal of directors was finalized, the firm was forced to compensate the individuals they’ve fired for the term remaining on their contracts.
Synonyms and related words: shareholder, statutory director, guarantor, article of association
