Retirement by rotation，常出现在上市公司股东协议中对于股东任期的定义部分，根据以下遇到的翻译实例中出现的用法，常见的译法有两种：轮流退任；或者：轮值告退。

例1 Non-executive directors of the Company were not appointed for a specific term but were subject to retirement by rotation at the Company’s annual general meeting in accordance with the bye-laws of the Company (Code Provision A.4.1). 

本公司非执行董事并非按指定任期 获委任，但须根据本公司细则于本公司股东週年大会上轮值告退（ 守则条 文A.4.1）。 

例2  The directors of the Company shall not be required to be elected at each annual general meeting, but shall (save for any executive chairman and any managing director) be subject to retirement by rotation in such manner and at such frequency as the bye-laws of the Company may provide.

本公司之董事毋须于每次股东週年大会上膺选，惟须（任何执行主席或任何董事总经理除外）按照本公司章程细则所规定之方式及频率轮值退任。、

例3 An alternate Director shall ipso facto cease to be an alternate Director if his appointor ceases for any reason to be a Director provided that, if at any meeting any Director retires by rotation or otherwise but is re-elected at the same meeting, any appointment made by him pursuant to this Article which was in force immediately before his retirement shall remain in force as though he had not retired. 

如替任董事之委任人因任何原因不再担任董事一职，替任董事 将因此事实而不再担任替任董事，惟如任何董事在任何会议上轮换卸任但在同一会 议 上获重选，则紧接该董事卸任前根据有效之本细则作出之任何委任将继续有效， 犹如该董事并无卸任。

例4 Unless and until the Company in a general meeting shall otherwise determine, at each annual general meeting one-third of the Directors for the time being, or, if their number is not three or a multiple of three, then the number nearest to but not less than one-third shall retire from office by rotation, provided that every Director (including those appointed for a specific term or holding office as Chairman of the Board or Managing Director of the Company) shall be subject to retirement by rotation at least once every three years or within such other period as the Designated Stock Exchange may from time to time prescribe or within such other period as the laws of such jurisdiction as is applicable to the Company may require. 

除非及直至本公司于股东大会上另行决定，否则于每届股东週年大会上， 当其时为数三分一的董事（或如董事人数并非三或三的倍数，则须为最接近但不少于 三分一的董事人数）均须轮值退任， 惟各董事（包括获委任特定任期的董事或董事会 主席或本公司董事总经理）须至少每三 年或 指 定证 券 交 易所 可能不时指定的其他期间 或本公司适用的司法权区的法例所规定的其他期间退任一次。