DBS postpones AGM

DBS Group on Thursday said it would defer its annual general meeting (AGM) that was originally due on March 31.

This comes as the government has imposed stricter measures to enforce safe-distancing in social settings given the novel coronavirus outbreak. From 11:59pm on March 26, all events and mass gatherings must be deferred or cancelled, regardless of size.

The regulators had also said this week that legislative amendments are being proposed for Parliament sitting in April 2020 in relation to the conduct of meetings. This should include allowing listed companies the flexibility to hold meetings solely by virtual means.

With this, pre-registrations previously opened by DBS to watch the webcast and for physical attendance on March 31 have ceased.

"DBS will update shareholders of the new date for the AGM and the procedures for participation after the legislative amendments to facilitate the holding of the meeting have been passed, and the necessary arrangements have been put in place in order to implement the safe distancing measures imposed by the Ministry of Health."

Shareholders can refer to DBS' website for updates on the AGM.

"DBS apologises to shareholders for the inconvenience and thanks them for their patience in these difficult times."

DBS' last general meeting was held on April 25, 2019 and saw a turnout of more than 1,000 shareholders.

In February, the Singapore Exchange Regulation had said that some listed firms here can have until June 30, 2020 - a two-month extension - to hold their AGMs and approve financial results.


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