Simon Harris (Wicklow, Fine Gael) | Oireachtas source

I move amendment No. 12:

In page 55, to delete lines 37 and 38, and in page 56, to delete lines 1 to 3 and substitute the following:“(6) But where an election under subsection (4) has effect for a year—

(a) one or more members of the ICAV holding, or together holding, not less than 10 per cent of the voting rights in the ICAV, or

(b) the auditor of the ICAV,

may require the ICAV to hold an annual general meeting in that year by giving notice in writing to the ICAV in the previous year or at least one month before the end of that year and the ICAV shall hold the required meeting.”.

This is to be inserted into section 84 of the ICAV Bill. Section 84(4) provides that the directors of an ICAV may elect to dispense with the need to hold an annual general meeting, AGM, upon notice to all shareholders of the ICAV. Where the directors of an ICAV seek to dispense with the holding of an AGM, either one or more members of the ICAV holding 10% of the voting rights in the ICAV or the auditor of the ICAV may require the ICAV to hold an AGM. This amendment provides an adequate safeguard against any potential abuse by directors of this unique characteristic of the ICAV, which is more appropriate to the operation of investment fund vehicles. This arose from the suggestions made by Deputies opposite on Committee Stage with regard to ensuring the voice of an auditor can be heard. It is prudent to include this.

See this speech in context