The Ministry of Law (MinLaw) has announced an extension [https://www.mlaw.gov.sg/news/press-releases/Duration-of-Alternative-Arrangements-for-Meetings-to-be-Extended] to 30 June 2021 of the duration of legislation that enables entities to hold meetings via electronic means. MAS and SGX RegCo are therefore highlighting aspects of MinLaw’s announcement that are particularly relevant to listed issuers.
As previously announced, the relevant legislation, including the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (“Meeting Order”), enables the conduct of general meetings by electronic means regardless of what issuers’ constitutive documents stipulate.
This latest extension of the application duration of the Meeting Order will provide issuers with the option to conduct general meetings by electronic means even where they are permitted under the COVID-19 safe distancing regulations to hold physical meetings, to help minimise physical interactions and COVID-19 transmission risks.
We will amend the ACRA-SGX-MAS joint guidance to reflect the extended period once the legislative changes are in place.
