The latest UK Corporate Governance Code contains a provision (E2.4) that for general meetings (other than AGMs) notice of the meeting and related papers should be sent to shareholders at least 14 working days before the meeting.
Does anyone know why the FRC has made this change, apparently without consultation, and are you likely now to drop the enabling resolution most companies include seeking approval to call a general meeting other than an AGM (in exceptional / emergency circumstances) on not less than 14 clear days’ notice?
Don’t know why the change other than to recognise many companies do get member approval for 14 days notice of GM’s, which the 2012 Code and prior did not cover. There has always been consufion between the Code and using the term working days and the Act and companies articles which tend to refer to just days or clear days. 20 working days and 21 [clear] days have always been different. We will still include the enabling resolution (althugh we have not used it from 2009 to date). We will not ‘explain’, but simply state what the articles and the enabling resolution allow us to do.