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SGX, chartered secretaries launch online tool to help spread out AGMs
THE Singapore Exchange (SGX) and the Chartered Secretaries Institute of Singapore (CSIS) have launched an online calendar to help reduce bunching in the scheduling of shareholder meetings.
The calendar, which is hosted on the CSIS website at www.saicsa.org.sg, allows companies to indicate tentative annual general meeting (AGM) dates and then update those dates when the times have been finalised. Because it is possible to view other companies' tentative dates, the hope is that companies can try to schedule their shareholder meetings in less crowded slots.
The move is a response to feedback that many AGMs are clustered around the last two weeks of April, which is close to the regulatory deadline for companies with a December fiscal year-end. Investors may be forced to miss some AGMs if too many meetings take place at the same time.
About 60 per cent of SGX-listed companies end their financial years on Dec 31 and therefore have up to April 30 to hold their AGMs.
"Active shareholder participation is important for our disclosure-based regime and the market to progress," SGX chief regulatory officer Tan Boon Gin said in a statement. "Attending AGMs enables investors to exercise their voting rights, ask questions and clarify concerns with the board and senior management of companies they have invested in. The clustering of AGMs occurs in most global markets and is of great concern to investors. We hope companies will participate in this online calendar so as to aid their investors and the market as a whole."