If the directors have power under the company's articles to make the decision, and (as would be usual) there is nothing in the company's articles giving the shareholders power to overrule the directors, the answer is "not directly". There are, however, various options open to shareholders.
1. Shareholders with at least 5 per cent (or, sometimes, 10 per cent) of the voting capital can require the directors to call a general meeting of the shareholders to consider a resolution overruling the decision.
2. Shareholders can also attempt to dismiss a director (see 15) or appoint new directors to the board, in the hope that they will outvote the existing board members.
3. Shareholders can take legal action if they feel the directors are acting improperly.
In the first two options, the resolution could either be to take away the directors' powers to make such decisions, or to include an express power for shareholders to override directors. The shareholders could then make the decision they want. Legal advice would be needed before taking either option.
Even if shareholders take one of these actions, the decision will stand in the meantime.
