As stated by the SC in its Guidance Note dated April 18, 2020, listed issuers in the intervening period of the MCO should conduct general meetings in a fully virtual manner. Following that, in a post-MCO period where safe distancing requirements remain, listed issuers should conduct their general meetings in a fully virtual or hybrid manner.
In crisis-proofing the AGM proceedings, it is imperative for companies to accord due attention to the entire gamut of proceedings, as advocated by KPMG with the moniker of PROOF – (PR – pre-AGM preparation; O – observing the proceedings and OF – officially finalizing).
In the near future post the Covid-19 pandemic, companies can consider having fully virtual AGMs, interspersed with hybrid AGMs once every three or five years. This will assist companies to lower the cost of hosting a AGM, reduce the administrative burden and better engage with a wider pool of shareholders to glean feedback and formulate action plans.
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