Parliament to debate Bill extending virtual AGMs, shareholder meetings beyond Covid-19 measures

PROPOSED changes to the law to continue allowing company annual general meetings and shareholder meetings to be held virtually were tabled in Parliament on Tuesday (Apr 18).

This was among the amendments introduced under the Companies, Business Trusts and Other Bodies Bill.

A new section will provide for the use of virtual meeting technology to meetings ranging from annual general meetings to extraordinary general meetings, as well as general meetings of an amalgamating company.

Under the Business Trusts Act, the Bill also proposes to enable the Monetary Authority of Singapore to regulate the use of virtual meeting technology for such meetings.

Other proposed amendments to various Acts require “specific references” to be read when the meeting is held wholly, or partly, using virtual meeting technology – which is defined as “any technology that allows a person to participate in a meeting, without being physically present at the place of meeting”.

Virtual annual general meetings and shareholder meetings were first introduced under the Covid-19 (Temporary Measures) Act in April 2020 as a temporary measure to comply with safe-distancing requirements during the pandemic.

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If the proposed amendments are adopted, companies will be able to hold their annual general meetings and shareholder meetings virtually even after Jul 1, when existing Covid-19 alternative arrangements for meetings are scheduled to be revoked.

Parliament will debate the Bill at a later sitting before voting on it.