There are occasions when BP's investors may wish to draw important matters to the attention of other investors by proposing a resolution to be put to BP's annual general meeting (AGM). The procedure for requisitioning such a resolution is governed by English common law and statute.
Investors wishing to submit a requisitioned resolution ahead of the BP p.l.c. AGM, scheduled 27 May 2020, should note the following;
1) Resolutions can be requisitioned by a shareholder or a group of shareholders holding 5% of the issued share capital or 100 shareholders each holding an average of £100 in nominal value shares. The requisition request will need to identify the resolution of which notice is to be given and must be authenticated by each person making it. BP will need to verify whether such individual making the request is a registered or beneficial holder.
2) The requisitioned resolution must be of a nature that may properly be moved at the AGM, and be clear and unambiguous in its effect. It may not be moved if it would be inconsistent with any law, BP's articles of association, it is defamatory of any person or it is frivolous or vexatious.
3) The resolution may be accompanied by a statement not exceeding 1,000 words (including headers, footnotes and references).
4) BP p.l.c. will cover reasonable expenses of circulating the resolutions submitted before 21 January in the year in which the AGM is due to take place, after which date the requisitioners will be required to cover BP's additional costs in meeting the requirements of the Companies Act.
5) A requisition request must be received in any case by no later than 6 weeks before the AGM to which the requests relate or the time at which notice of meeting is given, whichever is later. For 2020, see the table below.
6) BP cannot provide any legal advice to investors. Requisitionists are strongly recommended to obtain independent legal advice on the drafting and submission of their requisition. BP will not meet the requisitionists' legal or other costs in preparing the requisition.
If you intend to submit a shareholder resolution, please see the Shareholder requisitioned resolutions FAQs for more detailed information and sample forms.
|Filing deadline for BP to bear the expenses of circulating the requisitioned resolution||21 January 2020|
|Filing deadline for requisitioned resolution to be included in the business of the BP p.l.c. 2020 AGM||15 April 2020|
|BP p.l.c. 2020 AGM||27 May 2020|
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