SGX RegCo aims to expedite shareholder-requisitioned meetings

The public can submit their feedback on the proposal until 23 May.

The Singapore Exchange Regulation (SGX RegCo) is eyeing to change rules for listed companies to conduct general meetings called by shareholders as soon as possible.

The regulator wants firms to facilitate efforts within 21 days of the deposit of the requisition notice. An issuer who disputes the validity of the requisition notice must apply for a court ruling within the same timeline.

"If investors have a stronger say, companies will be more motivated to consider their interests by improving operational performance and shareholder returns. By enabling the convening of general meetings, we empower shareholders to drive change and exercise market discipline," said SGX RegCo CEO Tan Boon Gin.

The SGX RegCo also urged issuers to help requisitionists in several areas, including the release of announcements and documents on SGXNet, sending documents to shareholders, collating any proxy forms submitted by shareholders at the issuer’s registered office, securing the board’s attendance at the requisitioned meeting, enabling the appointed scrutineer to discharge its duties, and instructing its agents, including its share registrar and company secretary, to provide any necessary assistance.

The regulator reminded that the requisition notice must meet procedural requirements of the Companies Act 1967 of Singapore, including that requisitionists must hold at least 10% of the total number of paid-up shares.

Aside from encouraging market discipline, the SGX RegCo is working on two other areas to increase shareholder value: strengthening the board to enhance company performance and a reduction in market friction.

“Initiatives to improve the quality of boards and amplify shareholder's voice have already been put in place; other measures are still in development and we will keep the market updated," Tan said.

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