ACRA, MAS, SGX RegCo urge firms to comply with distancing measures

This follows after they released new guidelines on holding AGMs.

The Accounting and Corporate Regulatory Authority (ACRA), Monetary Authority of Singapore (MAS) and Singapore Exchange Regulation (SGX RegCo) are expecting all issuers to comply with the Ministry of Health’s (MOH) mandatory safe distancing measures, a joint press release revealed.

This follows after SGX RegCo released new guidelines on holding annual general meetings AGMs.

They also stated that ACRA and MAS are working with other relevant government agencies to propose legislative amendments related to the conduct of meetings, to be introduced for the Parliament sitting in April. This is said to provide legal certainty to issuers who implement safe distancing measures imposed by MOH.

This will allow issuers the flexibility to limit the number of participants in a physical meeting and for other participants to participate by virtual means, notwithstanding any contrary provisions in their constitutive documents. Issuers are to put in place arrangements for participants to cast their votes remotely in writing or through electronic means.

Furthermore, SGX RegCo is working with the Securities Investors Association (Singapore) (SIAS) to provide further guidance to investors on how they can participate and cast their votes.

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