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Capital Markets, Listed Entities & M&A

Listed Issuers' Meetings to Comply with Safe Distancing Measures Amid COVID-19

The impact of COVID-19 is greatly felt and measures are being introduced by the Singapore Government to try to minimise further spread of COVID-19. These include safe distancing measures that would render the holding of annual general meetings ("AGMs") or shareholder meetings difficult for issuers listed on the SGX-ST Mainboard and Catalist which have a large shareholder base.

Issuers are expected to comply with the prevailing safe distancing measures which, among other things, require the organiser of an AGM to ensure that not more than ten individuals are present at the event at any one time. On 31 March 2020, Singapore Exchange Regulation (SGX RegCo), the Accounting and Corporate Regulatory Authority (ACRA) and the Monetary Authority of Singapore (MAS) jointly issued an updated guidance for issuers on the alternative arrangements that may be adopted to ensure that their AGMs are conducted in a manner that complies with the safe distancing measures. On 2 April 2020, the draft COVID-19 (Temporary Measures) Bill which provides for temporary alternative arrangements for conducting meetings in a manner that complies with the Safe Distancing Measures was made available on the Ministry of Law website. This Update provides a summary of this development.

Singapore | Capital Markets, Listed Entities & M&A | 02 April 2020


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