Authors: Tan Min-Li, Ge Xiaomeng and Timothy Tan.
Practice: Corporate Finance – Capital Markets
On 6 April 2021, the Ministry of Law (“MinLaw”) announced that it will be extending the duration of the legislation that enables entities to hold meetings via electronic means (“Virtual Meetings”) beyond 30 June 2021. This article discusses the extension in relation to the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (“COVID-19 Order”).
Background
Previously, MinLaw had announced on 29 September 2020 that the alternative meeting arrangements under the COVID-19 Order would apply till 30 June 2021.
Duration of Extension
With the latest amendments to the COVID-19 Order, companies may continue to hold Virtual Meetings until the COVID-19 Order is revoked or amended by MinLaw. In order to provide certainty to entities organising meetings, MinLaw stated that it will give at least 6 months’ advance notice before the alternative arrangements for the conduct of general meetings contained in the COVID-19 Order will cease to be available.
Checklist issued by the Accounting and Corporate Regulatory Authority, the Monetary Authority of Singapore and Singapore Exchange Regulation
Until the Virtual Meetings are no longer available, companies may continue to refer to the checklist issued by the Accounting and Corporate Regulatory Authority, the Monetary Authority of Singapore and Singapore Exchange Regulation to guide them on the conduct of their general meetings, which may be accessed here: https://www.sgx.com/media-centre/20201001-guidance-conduct-general-meetings-amid-evolving-covid-19-situation
For more information, please refer to the following links:
1. Press release by MinLaw: https://www.mlaw.gov.sg/news/press-releases/covid19-relief-measures-further-extension-of-alternative-arrangements-for-meetings
2. News release by SGX: https://www.sgx.com/media-centre/20210407-extension-temporary-legislative-relief-conduct-general-meetings-electronic
Disclaimer: This update is provided to you for general information and should not be relied upon as legal advice. The editor and the contributing authors do not guarantee the accuracy of the contents and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents.
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