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A shareholder nomination to the AGM committee SNAC sometimes called a 'Shareholder Committee') is a voluntary committee formed with the Chairman of the Board to assess the current Directors and discuss potential future Directors. A shareholder committee typically holds two or three short meetings a year.
A Shareholder committee is created in two ways
1) when a vote to do so passes at a general shareholders meeting in response to a resolution to hold such a vote. The vote is advisory however ‘it would be a pretty ballsy board to reject it’ said ICGN Chairmans answer from the 2010 ICGN Conference in London. or
2) By accepting an invitation to meet with the Chairman of the Board who is also in charge of the Board of Directors Nomination Committee which also proposes and nominates new Directors to be appointed to the Board.
The SNAC committee of five members is formed with the following principles. The Chairman of the Board as convenor, a private investor, as well as three large large beneficial shareholders also wish to appoint a representative. The invitations to join are sent to those with the largest beneficial shareholding in the PLC. (intended to allow time before the AGM, with, a one full voting member from a recognised private investor shareholder organisation representative.(In 2020 the UK's ShareSoc or UKSA in Sweden Aktiespararna). The SNAC Committee has the right, at the expense of the company, to engage a headhunter or other external consultants which the SNAC Committee deems necessary to fulfil its assignment. The Shareholder Nomination to the AGM Committee (SNAC) remains until a new SNAC committee is constituted.
The committee can coopt non voting members to attend.
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