British American Tobacco Plc | Authority for the Directors to allot shares at British American Tobacco Plc.

Status
AGM passed
AGM date
Previous AGM date
Proposal number
17
Resolution details
Company ticker
BATS
Lead filer
Momentum Metropolitan Life Ltd
Resolution ask
Other ask
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Consumer Staples
Company HQ country
United Kingdom
Supporting materials
  • KPMG Notice-of-Annual-General-Meeting-2025.pdf Download
Resolved clause
The current one-third threshold is disproportionately high and may undermine the protection of minority shareholder rights. Momentum advocates for a more balanced and inclusive approach by recommending a reduced ownership threshold of 5% to 10%. This adjustment would enhance accountability, support active stewardship, and better align with global best practices in shareholder governance
Supporting statement
This resolution would give the Directors authority to allot new shares and grant rights to subscribe for, or convert other securities into, shares up to a nominal value of £183,709,558, which represents not more than one-third of the total issued ordinary share capital of the Company (excluding treasury shares) as at 4 March 2025, being the last practicable date prior to the publication of this AGM Notice. The Investment Association ("IA") guidelines on directors' authority to allot shares state that IA members will regard as routine resolutions seeking authority to allot shares representing up to one-third of the Company's issued share capital.
There are no present plans to allot new shares, other than in relation to employee share plans. However, the Directors consider that it is in the best interests of the Company to maintain the flexibility that this authority provides to manage the Group's capital resources.
If this Resolution is passed, the authority will expire on the earlier of the conclusion of the AGM in 2026 or at the close of business on 16 July 2026. As at 4 March 2025, being the last practicable date prior to publication of this AGM Notice, the Company is holding 133,255,156 shares in treasury representing 6.04% of the Company's issued ordinary share capital (excluding treasury shares).

How other organisations have declared their voting intentions

Organisation nameDeclared voting intentionsRationale
Momentum Metropolitan Life LtdAgainstThe current one-third threshold is disproportionately high and may undermine the protection of minority shareholder rights. Momentum advocates for a more balanced and inclusive approach by recommending a reduced ownership threshold of 5% to 10%. This adjustment would enhance accountability, support active stewardship, and better align with global best practices in shareholder governance

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