Which is NOT a statutory requirement for directors?

The correct response highlights that holding an annual shareholders meeting is not a statutory requirement for directors themselves, but rather a requirement for the corporation. Directors are appointed to manage the affairs of the corporation and are not directly responsible for convening annual meetings, which are primarily focused on allowing shareholders to discuss corporate governance and make important decisions, including the election or removal of directors.

In contrast, the other options reflect statutory requirements affecting the role and responsibilities of directors. Having a minimum of one member is necessary to ensure there is at least one person legally recognized as part of the board. Shareholders' rights to remove a director before their term expires ensures accountability and allows shareholders to exercise control over the management of the corporation. Valid meetings to take action by the board is essential for ensuring that decisions made by the directors are legally valid and enforceable.

Thus, while annual shareholder meetings are integral to corporate governance, they serve a different purpose than the direct obligations imposed on directors.