Raise AGM deadline to 5 months for firms with S$1b equity or more

AS a shareholder, I agree with associate professor Mak Yuen Teen and Chew Yi Hong that the clustering of annual general meetings (AGMs) of listed companies in the last two days of April prevents shareholders from attending all the meetings they want, resulting in reduced accountability of directors to shareholders, ("Bunching up of AGMs in April getting worse, says report", BT, March 28).

The report is an eye-opener. It highlights the fact that in 2016, a total of 694 AGMs were held, of which 428 (62 per cent) were in April. On the last two working days of April, an average of 96 meetings took place. No doubt this would left some shareholders running from pillar to post.

As pointed out, the problem of clustering is due to the popularity of Dec 31 as the financial year-end. Companies are required to hold the AGM within four months from the end of the financial year and the Directors Report and Audited Accounts are to be sent to the shareholders 14 days before the AGM.