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MALAYSIA: Conduct of Virtual General Meetings during the CMCO

With the recent announcement of the Conditional Movement Control Order (“CMCO”) for Sabah, Selangor, Kuala Lumpur and Putrajaya effective from 13 October 2020 until 27 October 2020, the Companies Commission of Malaysia (“CCM”) has granted a further extension of time (“EOT”) of 90 days for a company to hold its annual general meeting (“AGM”), and to circulate and lodge financial statements with CCM.

Following this, the Securities Commission Malaysia (“SC”) also revised the Guidance and FAQs on the Conduct of General Meetings for Listed Issuers (“Guidance Note”) to dovetail the regulation and conduct of general meetings for listed issuers during the CMCO with the latest initiative of CCM.

In April 2020, we issued an Update on COVID-19 AGM Matters & the Move to Virtual General Meetings which highlighted certain measures introduced by CCM and SC in light of the pandemic and the CMCO. This Update highlights the key features of the latest revisions by the two regulators.

MALAYSIA: COVID-19 AGM Matters & the Move to Virtual General Meetings

As the COVID-19 threat continues to escalate and companies struggle to stay afloat, the Companies Commission of Malaysia, in doing its part to offer companies breathing room, has provided a procedure for the extension of time for public companies to hold annual general meetings (“AGMs”), and has also introduced an extension of time for public and private companies to circulate and lodge financial statements and reports.

Regarding the conduct of AGMs, the Securities Commission Malaysia has issued guidelines on the conduct of general meetings during the Mandatory Control Order period and the post-MCO period.