SGX RegCo grants automatic 60-day extension for issuers to hold AGMs
The extended deadline for AGMs for December 31 2019 FY-end is now June 29
7 Apr 2020 | The Asset

SINGAPORE Exchange Regulation (SGX RegCo), in consultation with the Accounting and Corporate Regulatory Authority (ACRA) and the Monetary Authority of Singapore, announced April 7 that it will automatically extend by 60 days the deadline for all issuers with financial year-end (FY-end) on or before March 31 to hold their annual general meetings (AGMs).

Issuers must issue their annual reports to shareholders and the exchange at least 14 days before the date of the AGM, except for issuers with December 31 2019 FY-end, which will still need to issue their annual reports by April 15.

This is in light of the latest government advisories and measures amid the Covid-19 situation which could make the holding of AGMs and the performance of statutory audits for full-year financial results challenging.

ACRA also announced April 7 that it will grant an extension of 60 days for all companies whose AGMs are due during the period April 16 to July 31.

SGX RegCo had in February announced measures to give time extensions for issuers with December 31 2019 FY-end to hold their AGMs by end-June 2020. This latest announcement is in addition to the February announcements except in two matters where this announcement supersedes the February ones: the time extension which is now automatic and the extended deadline for AGMs for December 31 FY-end which is now June 29.

Issuers are also encouraged to provide at least 21 days’ notice to shareholders on the general meetings to allow shareholders to consider the matters, to pose questions if necessary and vote via proxy.

SGX RegCo also note that the Prime Minister and the Ministry of Health announced on April 3 elevated safe distancing measures and the closure of workplace premises. They are assessing the impact of these “circuit breaker” measures on the holding of AGMs and intend to guide the market in due course.

SGX RegCo urge all issuers to adhere to the latest advisories and make timely disclosures to shareholders on the business impact of these developments. Issuers are also reminded to put in place arrangements to ensure that they will be able to release announcements on SGXNet.

Have you read?