OCBC Bank releases plan for virtual AGM on May 18

OCBC Bank's annual general meeting (AGM) will be held virtually on May 18, the lender told shareholders in an announcement on Sunday morning, after the original date was axed amid the deadly Covid-19 pandemic that has put the nation under lockdown.

It is the second local bank to so, after DBS unveiled virtual AGM plans in mid-April. Earlier this month, OCBC said it would postpone the meeting, which had been scheduled for April 30, pending changes to the law and rules on safe distancing and AGM tele-conferencing.

Now, OCBC has confirmed that shareholders cannot attend the AGM in person. Instead, they must pre-register for live audio-visual or audio-only broadcasts of the proceedings by 2pm on May 15.

Investors will need to provide the bank with their full names, addresses, number of shares held, and whether the shares are held via CDP, CPF or SRS, or scrip.

With a proposed final dividend of S$0.28 a share among the items on the agenda, shareholders attending the virtual AGM will not be able to vote online, and can do so only by proxy.

The final dividend, if approved, will be paid on June 5.

Proxy forms and any questions on the annual report must be received by the same time as pre-registration. Questions can be sent to OCBCAGM2020@ocbc.com or 65 Chulia Street, #08-00, while proxy forms are available online and should be submitted by either self-addressed envelope, or in an e-mail to share registrar M & C Services at GPC@mncsingapore.com.

"In view of the current Covid-19 situation and the related safe-distancing measures which may make it difficult for shareholders to submit completed proxy forms by post, shareholders are strongly encouraged to submit completed proxy forms by e-mail," OCBC said in a fact sheet.

Verified shareholders will get a password and online link for the webcast, or a toll-free telephone number and a conference code for the audio-only stream, over e-mail by noon on May 17.

If registered shareholders do not receive the confirmation e-mail, they can send an e-mail to the share registrar. They can also call 6228-0505 or 6228-0517.

"Unfortunately, the bank needs to prepare for the AGM logistics based on circumstances prevailing as at the latest practicable time before the issue of its notice of AGM," OCBC added. "Hence, shareholders will not be able to attend in person even if the situation improves by the AGM date."