Common use of Decisions Requiring a Super-Majority Vote Clause in Contracts

Decisions Requiring a Super-Majority Vote. The following matters shall be decided by the vote of 80% of the members appointed to the Strategic Council: (i) Change of Scope of the Enterprise. (ii) Change in the dividend policy. (iii) Equity requests on behalf of the Enterprise totalling in any one year more than US$1 billion. (iv) Sale of all or a majority of the assets of the Enterprise or the Enterprise Companies taken as a whole (such assets to be valued for this purpose at the Enterprise book value). (v) Loans to Alcoa or an Affiliate or Alumina or an Affiliate by any of the Enterprise Companies, subject to the relevant provisions of Sections 8 and 9 below. (vi) Any Expansions, acquisitions, divestitures, closures or curtailments of the operations of the Enterprise which are likely to result in a change in production: 1. in excess of 2 million tonnes per annum of bauxite for any Enterprise Mine; or