2003 Proposed Resolution

Published on Thursday 12th June, 2003 by Celtic Trust

The Resolution Rationale for Submitting a Resolution on a Supporter Director The Resolution At the general meeting of the Trust members on Saturday 31st May it was decided that the Trust would put forward an independent resolution for inclusion on the agenda for the 2003 Cetic Plc AGM. The resolution is as follows: 'THAT the board is requested to propose a scheme at the next Annual General Meeting for the appointment to the board(s) of the Company and/or Celtic Football and Athletic Club Limited of an elected representative of supporters' organisations/small shareholders/season ticket-holders/wider supporter opinion.' This resolution was previously submitted to the 2001 Celtic Plc AGM by the Trust. Rationale for Submitting a Resolution on a Supporter Director Over the last two years the Trust had a series of quarterly meetings with Cetic's recently departed Chief Executive Ian McLeod. These discussions have been detailed in the Celtic Trust Newsletters which can be viewed on the Trust website. While many positive outcomes emerged from these meetings the Trust has become increasingly of the view that, nevertheless, there continues to be a lack of appreciation by the members of the Celtic Plc Board of the central role of the Celtic support and the many small shareholders in the life and prosperity of Celtic as an institution. The extraordinary exodus to Seville and the impeccable behaviour of all those who travelled underlined again the extraordinary depth of feeling and respect the supporters have for their club. However, the Trust Board believes that this extraordinary support continues to be treated in, at best complacent fashion by the Plc Board. The most notable example of this is that, despite sustained requests for clarification from the Trust, Celtic have yet to provide a clear and unambiguous explanation as to the system that was used to allocate tickets for Seville. This is despite widespread evidence of lack of supporter confidence in the fairness of Celtic's ticket allocation policy. A second major concern is the ongoing erosion of the ticket allocation privileges of the original 1994 group of shareholders. As a shareholder's organisation the issue of any apparent erosion of shareholder privileges is a matter of special concern to the Celtic Trust for two reasons: (1) the Trust is committed to defending the rights of small shareholders in Celtic and ensuring that the commitments made to them when they made their investment are maintained: (2) because the Trust believes it is in Celtic Plc's interests to protect the existing privileges of shareholders as any erosion will simply serve to deter Celtic supporters from taking part in future share issues. The Trust is mindful of the fact that it was the mass participation of Celtic supporters in the 1994 share issue which saved the club from financial ruin. Celtic may need to turn to these supporters again. But if the view, however inaccurate, gains popular currency that privileges accorded small shareholders in earlier share issues are being eroded in order to satisfy the demands of corporate clients whose interest in Celtic may be fleeting, than this will obviously act as a dis-incentive for such shareholders to get involved in future issues. At this stage the Trust has now the legal requirements to activate the Proposal with the support coming from Trust members within the British Isles and also in North America. THE CELTIC TRUST would now ask shareholders who are not Trust members to also support the proposal by completing the following resolution requisition form below and post to: The Celtic Trust Sovereign Business Centre 153 Queen Street Glasgow G1 3BJ


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