North Yorkshire Moors Railway General Discussion

Is there a 30 day rule notice for questions and submissions from members at the AGM? The notice period is barely over 30 days.

 

The critical timing is when Notice of the AGM is given. The question and answer session is not part of the business of an AGM and is an optional ( but very sensible ) feature that occurs after the business of the meeting has been concluded. As it’s not part of the meeting there is no statutorily prescribed time within which questions can be submitted.

 

I don't think anyone would disagree with this, but operating and maintaining the railway at a breakeven level out to be the primary one. As @Lineisclear has pointed out, the Trust Board should be setting policies and goals for the Plc board to follow and meet. Clearly, if it has been doing that it should have been a bit more strict about setting financial goals, and asking for credible explanations of failure to meet them for several years in a row.

 

I am unable to find any humour in most anything to do with the NYMR, alas.

Noel

 

Although there is no requirement to hold a Q & A session at an agm, am I not right in saying that questions on the reports presented have to be allowed at the meeting?

 

No. Section 319 of the Companies Act 2006 confers that right on shareholders of a company traded on a recognized stock exchange . Neither the Trust or the PLC are in that traded company category. Members/ shareholders have a common law right to speak at a meeting but of course the democratic postal voting system adopted by the Trust means that any contribution cannot influence the members’ decision. For the PLC AGM all the voting shares are held by the Trust and are exercised by its Chair pursuant to authority given by the Trustees so again any shareholder contribution cannot really influence the outcome.

 

I think that's another of your legally correct and emotionally wrong answers! In other words, I have no doubt that your reading of the law is correct. But the NYMR desperately needs its stakeholders to feel engaged, and being able to ask questions about the annual report is one place you can nurture that engagement.

Tom

 

It’s a very convenient excuse for the ruling class to avoid any questions that they don’t like.

 

Tom,
Steve asked if questions had to be allowed. There can be only a yes or no answer to that. The suggestion you are raising is that even though there is no right to ask questions would it be sensible to allow them. That’s a very different matter.

 

Big chief former corporate lawyer speak with forked tongue, say braves!

 

He simply provides an accurate and truthful answer to the question that was asked.

 

Looks like a stitch up.
What are they trying to hide?

I was involved in a charity once which became increasingly secretive. This alarmed members but there was little we could do. The AGM was moved to an unusual venue at a less than helpful time. Little notice was given and the technical rules were followed, but no more.
Eventually there was an arrest for fraud.

What on earth is going on?