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Dictionary
special resolution
noun
A resolution that requires a large majority vote of members present, usually 2/3 or 3/4, at a general meeting of a company.
Exact(55)
Russia's foreign minister, Igor Ivanov, said: "We don't need any special resolution for [inspections] to occur.
British shareholders can change a company's charter, via a special resolution; investors in Delaware corporations cannot.
ECS has tabled another special resolution that would allow shareholders to direct management through ordinary resolutions tabled at the AGM.
Germany is working on a restructuring framework and Britain's Banking Act, passed last year, created a new "special resolution regime".
Over the past year there has been much talk about creating "special resolution regimes" and "living wills" for failing banks.
Perhaps the most important change now proposed is to allow such intervention through a "special resolution regime".
Similar(5)
WPP had the opportunity to raise its stake to 29.9percentt, he added, but stopped at 25percentt, enough to gain the right to block special resolutions.
So it could, but 75% majorities are already required for so-called special resolutions affecting critical areas such as changes to a company's articles of association.
This would entitle him to veto special resolutions and call extraordinary general meetings, but, according to the managing director, Keith Edelman, would not enable him to "stop us operating the business on a day-to-day basis".
By lifting its stake to 25percentt, WPP ensured it could block special resolutions like restructurings or "poison pills" that allow companies to issue new shares and dilute the stakes of existing holders.
As it happens, the best mechanism looks to be the one the business secretary mentioned in parliament – a 75% threshold for a successful vote, as applies to special resolutions at annual meetings.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com