Listing Rules and Guidance: Contents


 
 

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Apr 30 2018 onwards

8A.24
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Any weighted voting rights attached to any class of shares in a listed issuer must be disregarded and must not entitle the beneficiary to more than one vote per share on any resolution to approve the following matters:

(1) changes to the listed issuer's constitutional documents, however framed;
(2) variation of rights attached to any class of shares;
(3) the appointment or removal of an independent non-executive director;
(4) the appointment or removal of auditors; and
(5) the voluntary winding-up of the listed issuer.

Note: The purpose of rule 8A.24 is to protect non-WVR shareholders from resolutions being passed by WVR beneficiaries without their consent and not to enable non-WVR shareholders to remove or further constrain weighted voting rights. The weighted voting rights attached to a class of issued shares may be varied only with the consent of the holders of that class of shares as stipulated by the regulations and/or laws to which the issuer is subject. Where the regulations and/or laws do not require such approval, the Exchange will require such approval to be included in its constitutional documents to the extent it is not prohibited under the laws of its incorporation (for issuers incorporated in Bermuda or the Cayman Islands see Appendix 13a, paragraph 2(1) and Appendix 13b, paragraph 2(1)).