Currently, companies are allowed to conduct their general meetings via alternate non-physical means until June 2021.
The Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) are open to allowing hybrid or fully virtual shareholder meetings after social distancing measures are eased, post-Covid-19, if active participation can be ensured.
The regulatory bodies are currently closely monitoring the experiences of issuers and investors during virtual meetings, Ong Chong Tee, MAS deputy managing director, said on Monday.
What is important is that such new meeting formats should not compromise effective shareholder engagement, allow proper verification of attendees and voters, and facilitate accurate and secure voting processes, Ong said.
Covid-19 safe distancing measures and travel restrictions have limited the conduct of physical meetings. In April, MAS, ACRA and MinLaw worked with SGX RegCo to fast-track legislation to provide legal certainty to listed issuers so that they may implement safe distancing measures imposed by the Ministry of Health and hold virtual general meetings.
MAS also published a checklist of measures to ensure informed and effective participation, which include requirements for a live broadcast, proxy voting, allowing shareholders to ask questions and having them addressed ahead of the meeting.