Just some information from the Corporations Act that may assist those shareholders who are wondering why Qantas have said they won't be running the motion put by hundreds of shareholders. I can't see here how they can avoid it.
Division 4—Members’ rights to put resolutions etc. at general meetings
249N Members’ resolutions
(1) The following members may give a company notice of a resolution that they propose to move at a general meeting:
- (a) members with at least 5% of the votes that may be cast on the resolution; or
- (b) at least 100 members who are entitled to vote at a general meeting.
(1A) The regulations may prescribe a different number of members for the purposes of the application of paragraph (1)(b) to:
(a) a particular company; or
(b) a particular class of company.
Without limiting this, the regulations may specify the number as a percentage of the total number of members of the company.
- (2) The notice must:
(a) be in writing; and:
(b) set out the wording of the proposed resolution; and
(c) be signed by the members proposing to move the resolution.
- (3) Separate copies of a document setting out the notice may be used for signing by members if the wording of the notice is identical in each copy.
- (4) The percentage of votes that members have is to be worked out as at the midnight before the members give the notice.
249O Company giving notice of members’ resolutions
(1) If a company has been given notice of a resolution under
section 249N, the resolution is to be considered at the next general meeting that occurs more than 2 months after the notice is given.
Corporations Act 2001 319
Chapter 2G Meetings
Part 2G.2 Meetings of members of companies
Division 4 Members’ rights to put resolutions etc. at general meetings
Section 249P
- (2) The company must give all its members notice of the resolution at the same time, or as soon as practicable afterwards, and in the same way, as it gives notice of a meeting.
- (3) The company is responsible for the cost of giving members notice of the resolution if the company receives the notice in time to send it out to members with the notice of meeting.
- (4) The members requesting the meeting are jointly and individually liable for the expenses reasonably incurred by the company in giving members notice of the resolution if the company does not receive the members’ notice in time to send it out with the notice of meeting. At a general meeting, the company may resolve to meet the expenses itself.
- (5) The company need not give notice of the resolution:
- (a) if it is more than 1,000 words long or defamatory; or
- (b) if the members making the request are to bear the expenses of sending the notice out—unless the members give the company a sum reasonably sufficient to meet the expenses that it will reasonably incur in giving the notice.