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voting against board resolution

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › voting against board resolution

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Kim Smith.
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  • June 25, 2021 at 2:35 pm #626299
    Jiya024
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    Dear Professor,

    I don’t quite get the below line:

    “When 20% or more of votes have been cast against the board recommendation for a resolution, the company should explain what actions it intends to take to understand the reasons behind the result.”

    who is ” the company” ? shareholders or management or board?

    and also how is the company explaining party and understanding party at the same time?

    I mean who needs to explain, and who needs to understand?

    June 25, 2021 at 5:17 pm #626316
    Kim Smith
    Keymaster
    • Topics: 88
    • Replies: 6098
    • ☆☆☆☆☆

    This isn’t a quote from our notes – so please remember to state what you are quoting from.

    I found this:
    “When 20 per cent or more of votes have been cast against the board recommendation for a resolution, the company should explain, when announcing voting results, what actions it intends to take to consult shareholders in order to understand the reasons behind the result.”

    It is clear from this that “the company” cannot be the members (shareholders) – it must be the board of directors (or other management body) who manage the company in the interests of the shareholders. “The company” is a “thing” it cannot do anything – anything a company “does” has to be through real people.

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