Section 338 | Public companies: members' power to require circulation of resolutions for AGMs

(1)The members of a public company may require the company to give, to members of the company entitled to receive notice of the next annual general meeting, notice of a resolution which may properly be moved and is intended to be moved at that meeting.

(2)A resolution may properly be moved at an annual general meeting unless—

(a)it would, if passed, be ineffective (whether by reason of inconsistency with any enactment or the company's constitution or otherwise),

(b)it is defamatory of any person, or

(c)it is frivolous or vexatious.

(3)A company is required to give notice of a resolution once it has received requests that it do so from—

(a)members representing at least 5% of the total voting rights of all the members who have a right to vote on the resolution at the annual general meeting to which the requests relate (excluding any voting rights attached to any shares in the company held as treasury shares), or

(b)at least 100 members who have a right to vote on the resolution at the annual general meeting to which the requests relate 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).

(4)A request—

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

(b)must identify the resolution of which notice is to be given,

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

(d)must be received by the company not later than—

(i)6 weeks before the annual general meeting to which the requests relate, or

(ii)if later, the time at which notice is given of that meeting.