What actions can be taken against corporate directors that do not execute the duties defined by their roles?

Question

For Example:
If one of the role duties is to create an annual budget and send it to
the shareholders and this duty is not performed what action do the
shareholders have to get the duty performed?

Where We Have Searched So Far:
* http://en.wikipedia.org/wiki/Bylaw
* http://www.allbusiness.com/corporate-governance/corporate-formalities/1389-1.html

The corporate by-laws specifically state the duties of the directors. One duty is the one mentioned above in the example. Another duty is to appoint officers to conduct such duties. It is the ultimate responsiblity of the directors to make sure the officers perform their duties.

In this case the non-performance has an adverse, financial affect on the shareholders. The corporation is small (<10 owners total in an condominium association). Additionally, the directors do not constitute a majority ownership

Answer 1

It is highly unlikely that a company's Directors would submit the budget, or any other operational item, to the shareholders for approval. They have a moral as well as a fudiciary respnsibility to preserve, protect and expand the company's assets. To accomplish this, they formulate strategies, tactics, and goals that in their best judgement will meet those challenges.

If you do not agree with the direction they are taking the company, or feel that they are mis-manageing the assets, you could try to vote them out at the annual meeting. I say "try" because the directors, their family, friends, and financial institutions, as a whole, hold more than 51% of the stock. Most likely they feel comfortable with "the devil thay know rather than the devil they don't know" and unless the current management is doing a terrible job, or is involved in some sort of scandal, they are secure.