Investor relations group calls for guidelines in holding virtual AGMs

The SGX’s rules still require AGMs to be physically held in Singapore.

The Investor Relations Professionals Association Singapore (IRPAS) is urging authorities to set guidelines on managing virtual annual general meetings (AGMs) in light of the COVID-19 outbreak, the organisation stated in a media release.

IRPAS president Harold Woo said that holding virtual AGMs woud call for a review of the Singapore Exchange’s (SGX) Articles of Association requiring these meetings to be held in a physical location in Singapore and the Practice Guidance of the Code of Corporate Guidance on whether AGMs can be held virtually.

He also asked whether a virtual AGM meeting can have a quorum.

Further, the association named outstanding issues such as the authentication of proxies and ensuring the privacy of the webcast is sufficiently robust.

With the SGX granting extensions up to the end of June for AGMs, the association also sought clarification if holding these meetings are safe and what steps are needed if these have to go ahead. It also raised if there can be alternative ways such as virtual meetings.

“It makes more sense, for example, to hold virtual AGMs to avoid crowded function rooms that could lead to another cluster infection,” noted Woo.