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Please give me a little more background about the situation if you don't mind. Do you know if the CFO or managing director is contracted or a direct employee?
I will wait on your response to the question above as it will have bearing on the answer, in total. That said, generally speaking, direct defiance of a shareholder demand is a breach of fiduciary duty on the part of a CFO or a managing director and as such, is easily grounds for termination.
If the CFO or Manager is employed at will (not having a contract), you technically do not have to have any reason to terminate their employment. An employment contract can complicate matters a touch. However, even then, this would be a breach of fiduciary duty, assuming the demand meets all technical requirements in the corporate by-laws, and would be grounds to terminate or separate.
Just checking in with you to see if you have any additional questions based on what was shared earlier. I want to make sure you are as comfortable as possible moving forward with this issue. Thanks!