Company AGMs: Dos and don'ts

[bluechipstamp]

You see how dirty this is. In any normal company, only 2 or more person demanding a poll is necessary to effect one. Why the F*** do you need 5 or more person to demand a poll? This is outrageous and the practice is certainly not in line with other listed companies.

Ianal, but the Companies Act (http://goo.gl/7E248) says:

178. Articles as to right to demand a poll
(1) Any provision in a company’s articles shall be void in so far as it would have the effect —
(b) of making ineffective a demand for a poll on any question or matter other than the election of the chairman of the meeting or the adjournment of the meeting that is made —
(i) by not less than 5 members having the right to vote at the meeting;
(ii) by a member or members representing not less than 10% of the total voting rights of all the members having the right to vote at the meeting; or
(iii) by a member or members holding shares in the company conferring a right to vote at the meeting, being shares on which an aggregate sum has been paid up equal to not less than 10% of the total sum paid up on all the shares conferring that right;

Seems like it's up to the individual company to determine how many is necessary to demand a poll, as long as it doesn't contravene the above limit. The Companies Act does make an exception for Special Resolutions though:

184. Special Resolutions
(4) At any meeting at which a special resolution is submitted a poll shall be deemed to be effectively demanded if demanded —

(a) by such number of members for the time being entitled under the articles to vote at the meeting as is specified in the articles, but it shall not in any case be necessary for more than 5 members to make the demand;

(b) if no such provision is made by the articles, by 3 members so entitled, or by one or 2 members so entitled, if —
(i) that member holds or those 2 members together hold not less than 10% of the total number of paid-up shares of the company (excluding treasury shares); or
(ii) that member represents or those 2 members together represent not less than 10% of the total voting rights of all the members having a right to vote at that meeting.