SGX-listed firms adapt to updated guidelines for virtual meetings

Some are deferring their AGMs; others are doing webcasts, and some are undecided

Published Tue, Apr 14, 2020 · 09:50 PM

A NUMBER of listed companies are making changes to their annual general meeting (AGM) plans following the release of detailed guidelines from the regulators: Some are opting to defer their AGMs to dates beyond the circuit-breaker period, others have announced new arrangements involving webcasts.

The Accounting and Corporate Regulatory Authority (ACRA), Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) had issued a joint statement on Monday, providing guidance on general meetings during this "elevated safe-distancing period".

As shareholders are no longer allowed to attend physical meetings, the guidance covers virtual meetings and their physical aspects.

The statement said that companies that need "certain essential persons" to be in the same physical location to facilitate a virtual general meeting will automatically qualify for certain exemptions from the Ministry of Trade and Industry (MTI), so that they can gather. However, these companies must ensure that there are no more than six people at the venue, and that safe-distancing measures are obs…