The annual general meeting (AGM) season is upon us. English company law requires public limited companies (English private companies do not have to hold AGMs, and most dispensed with them once the Companies Act 2006 (CA 2006) came into force) to hold their AGMs to be held within six months of the financial year end. With most public companies closing their books on 31 December, that means that the bulk of the AGMs need to be concluded before 30 June with notices calling the meetings being sent out by early June.
As a result of COVID-19 and the prescribed “circuit breaker” measures by the government on gathering and social distancing, general meetings requiring personal attendance cannot be conducted during this “circuit breaker” period.
We had previously written about the COVID-19 (Temporary Measures Act) and its provisions for the Minister of Law to prescribe alternative arrangements for, among others, the holding of general meetings during this “circuit breaker” period.
To read the full post, please visit the Duane Morris and Selvam COVID-19 Resource Blog.
The COVID-19 pandemic has necessitated the implementation of safe distancing measures as well as the current “circuit breakers” by the Singapore government. Many companies incorporated in Singapore are statutorily required to hold their annual general meetings (AGMs) while such control measures are in place, which may prevent AGMs from taking place by the stipulated period.
To read the full text of this post, please visit the Duane Morris and Selvam COVID-19 Resource Blog.
t may be time for your company to reconsider your usual plans for the annual meeting. We don’t know how long the COVID-19 situation may last or how severe it may get, but with some careful advance planning, you may be able to proceed without putting you or your shareholders at risk.
On March 13, the SEC staff issued their “Staff Guidance for Conducting Annual Meetings in Light of COVID-19 Concerns.” The staff noted that some issuers are considering delaying their annual meetings. They encouraged those issuers to promptly notify shareholders of any proposed delays, also noting that issuers must comply with state law and any applicable securities exchange requirements. Clearly, it may make sense to consider delaying your annual meeting, especially if you anticipate (or want) a large turnout.
To read the full text of this Duane Morris Alert, please visit the firm website.