Section 314 | Members' power to require circulation of statements

(1)The members of a company may require the company to circulate, to members of the company entitled to receive notice of a general meeting, a statement of not more than 1,000 words with respect to—

(a)a matter referred to in a proposed resolution to be dealt with at that meeting, or

(b)other business to be dealt with at that meeting.

(2)A company is required to circulate a statement once it has received requests to do so from—

(a)members representing at least 5% of the total voting rights of all the members who have a relevant right to vote (excluding any voting rights attached to any shares in the company held as treasury shares), or

(b)at least 100 members who have a relevant right to vote and hold shares in the company on which there has been paid up an average sum, per member, of at least £100.

See also section 153 (exercise of rights where shares held on behalf of others).

(3)In subsection (2), a “relevant right to vote” means—

(a)in relation to a statement with respect to a matter referred to in a proposed resolution, a right to vote on that resolution at the meeting to which the requests relate, and

(b)in relation to any other statement, a right to vote at the meeting to which the requests relate.

(4)A request—

(a)may be in hard copy form or in electronic form,

(b)must identify the statement to be circulated,

(c)must be authenticated by the person or persons making it, and

(d)must be received by the company at least one week before the meeting to which it relates.