Coronavirus Outbtreak: SGX allows extended deadline for AGMs

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The Singapore Exchange (SGX) has announced that it will allow more companies to delay holding their AGM and financial results for two months.

It was previously announced that this allowance was to be afforded only to companies which has China as its principal place of business or have significant operations there or if the company’s financial year ends on 31 December.

However, the new announcement has overwritten the previous one and it is now the position that the extension will apply to companies regardless of their place of business and operations, more specifically it will apply to companies that require more time to enforce measures to address the coronavirus and its consequences.

In these circumstances, it has been suggested that it might be time for Singapore to allow virtual meetings. Mr Gerald, founder, president and chief executive of the Securities and Investors Association Singapore (SIAS) commented that it would be beneficial for the authorities to look into enabling virtual meetings with legislation that provides for it. Elsewhere in the world, there are countries that already allow virtual meetings such as New Zealand, Canada, Australia and Britain.

Companies will need to seek approval from ACRA or the relevant authorities with regard to the alternative channel in which they are adopting to hold their AGM, such as allowing proxies or conducting it via webcam. However, ACRA has agreed to waive fees for such applications and will allow them where they fulfil the criteria.

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