SGX RegCo sets guidelines for holding annual general meetings

Issuers are advised to use a video link and segregate attendees across various venues.

Singapore Exchange Regulation (SGX RegCo) has set out guidelines for issuers in holding their annual general meetings (AGMs), making use of electronic devices and proper distancing to guard against the spread of the coronavirus, SGX announced.

Issuers are advised to set up a video link and segregate attendees across various venues, such as separate rooms in the same building, for example. Each venue must have less than 250 people inside, and seats must be placed at least one metre apart from one another, in line with the advisories published by the Ministry of Health.

Issuers should also provide advance notice to shareholders to inform them on the number of attendees to be accommodated at each venue. They may also consider doing a pre-registration for shareholders or their proxies to have a better knowledge of those who wish to attend the meeting in person.

Should there be 250 or more people attending the meeting, or constraints are likely in the organization of the venue, shareholders should be provided with alternative arrangements to participate in the meeting, added SGX RegCo.

Alternative arrangements suggested include holding a simultaneous webcast, having shareholders submit any questions they may have in advance, or holding virtual information sessions before the AGM for shareholders to engage with the management and the board of directors. Issuers must be informed of the alternative arrangements in advance.

Shareholders may appoint a chairman for the general meeting that will act as proxy and direct the vote during the meeting.

Issuers should publish minutes of the general meetings on its website including its responses from the board and management to substantial queries and relevant comments from shareholders.

Further, issuers are required to implement temperature and health screening measures to ensure the health and safety of attendees. All attendees are also required to sign a health declaration form and provide their travel history and contact details (to facilitate contract tracing, if required) before entering the venue.

Unwell attendees should be turned away, as well as those with travel history to countries/ regions specified by the Ministry of Health.

Meanwhile, the SGX RegCo also asks that directors may be precluded from attending the general meeting in person due to travel restrictions. Issuers should put in place arrangements to allow the director to attend the general meeting through virtual means.

This comes after SGX RegCo earlier moved the deadline for issuers holding their AGMs for the financial year ending 31 December to 30 June 2020.