Members’ power to request website publication of audit concerns

(1) If members of a quoted company propose to raise at the next general meeting of the company at which a financial statement of the company is to be presented a matter relating to—
(a) the audit of the financial statement (including the auditor's report and the conduct of the audit); or
(b) any circumstances connected with an auditor of the company ceasing to hold office since the previous general meeting at which a financial statement of the company was presented,
they may require the company to publish on a website a statement giving details
of the matter to be raised.
(2) A company is required to publish the statement on the relevant website once it has received requests to that effect from-—
(a) members representing at least five percent of the total voting rights of all the members who have a relevant right to vote; or
(b) at least one hundred members who have a relevant right to vote and hold shares in the company on which there has been paid up an average amount per member of at least one thousand shillings.
(3) In subsection (2), a "relevant right to vote" in relation to a quoted company means a right to vote at a general meeting of the company.
(4) A request under this section may be sent to the company in hard copy or electronic form, but is effective only if it—
(a) identifies the auditor's statement to which it relates;
(b) is authenticated by the person or persons making it; and
(c) is delivered to the company at least seven days before the general meeting to which it relates.
(5) The company or any other person who claims to be aggrieved may apply to the Court for an order declaring that the right conferred by this section is being abused.
(6) If, on the hearing of an application made under subsection (5), the Court is satisfied that the applicant's claim is substantiated, it may make the order sought and, if it does so, the company is not required to place on a website a statement under this section.
(7) The Court may order the members requesting website publication to pay the whole or part of the company's costs on the hearing of such an application, and may do so even if those members are not parties to the application.