AGMs must include live webcast, limit physical attendance to 10 people: SGX RegCo

ISSUERS who hold their annual general meetings (AGMs) before April 30 must provide a live webcast for attendees, the Singapore Exchange Regulation (SGX RegCo) said on Tuesday in a joint statement with the Accounting and Corporate Regulatory Authority and the Monetary Authority of Singapore.

At these meetings, any quorum requirements can also be satisfied through the attendance of up to 10 people or any director or senior management of the issuer who holds shares, whichever is lower.

This will allow companies to hold their AGMs while complying with safe-distancing regulations introduced by the government on March 27.

Issuers must also ensure the meetings give shareholders the chance to ask questions and allow proxy voting, the joint statement said.

To facilitate questions from shareholders, companies must invite them to submit questions in advance, following which any substantial queries must be addressed via the issuer's website, through live webcast and on the SGX website.

Other arrangements may include organising virtual information sessions before the AGMs and the close of proxy voting to provide shareholders with a forum to ask questions and engage with management and the board of directors.

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The latest guidance supersedes an earlier version issued on March 19, the joint statement said.

However, issuers can still, as previously announced, choose to defer their AGMs to after April 30 if the specified criteria and conditions are fulfilled.

The update by the authorities comes after the Ministry of Law and the Ministry of Finance announced on Tuesday upcoming legislative provisions to help entities circumvent laws which require physical attendance for certain meetings.

The provisions will be introduced at the Parliament sitting on or around April 7, the ministries said.

Singapore-listed firms have been reassessing their AGM plans following implementation of safe-distancing regulations by the government.