In what scenario would a company need to provide explanatory notes to shareholders?

Providing explanatory notes to shareholders is essential when issues arise that require clarity and understanding, particularly concerning voting rights. In the context of corporate governance, shareholders must fully comprehend their rights to make informed decisions during meetings, especially if there are complexities in the voting process or any changes to those rights.

When shareholders seek clarification about their voting rights, the company has an obligation to ensure that the information is accessible and understandable. This is crucial for maintaining transparency and trust, as shareholders need to be knowledgeable about how their votes influence corporate decisions, the implications of their voting power, and any changes to procedures or regulations that may affect them.

The other scenarios listed do not necessitate explanatory notes to the same degree. Proposing changes without an official notice or when resolutions do not require a vote may still involve communication, but they do not inherently demand the detailed explanation that shareholders require about their rights. Similarly, obtaining shareholders' addresses is more of an administrative task that does not entail the same level of complexity or the need for explanatory notes compared to clarifying voting rights. Therefore, ensuring shareholders understand their voting rights is critical, which directly justifies providing explanatory notes in that scenario.