Further extension of alternative arrangements for the conduct of general meetings beyond 30 June 2021

CNPupdate

 

Further extension of alternative arrangements for the conduct of general meetings beyond 30 June 2021


A photo of the Monetary Authority of Singapore



Published: 27 May 2021 



 

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.


Tan Min Li legal Partner at CNPLaw LLP image
Partner

    Min-Li’s principal areas of expertise are in corporate and financial services. For 2018 and 2019, she was recognised as Singapore’s Top 100 private practice lawyers by Asia Business Law Journal. For 2021, She is rated as “Highly Regarded”, ranked as a “Distinguished Practitioner” and “Recommended” for Capital Markets by IFLR1000, Asialaw Leading Lawyers and The Legal 500 Asia Pacific respectively.


    Ge Xiaomeng 1
    Partner

      Xiaomeng’s practice is focused on corporate finance, M&A and general corporate advisory. Before joining CNP, she started practice in a leading corporate law firm in Singapore. She is fluent in the Chinese language and has been involved in cross-border transactions in the PRC (including Hong Kong), Indonesia, Malaysia, Japan and Australia.


      Timothy Tan Associate at CNPLaw

        Associate
        Timothy is an Associate in the Corporate Finance practice group. His main areas of practice include corporate finance, equity capital markets, and general corporate advisory. He has been involved in preparing commercial agreements and general corporate contracts.


        Having handled transactions for numerous local and foreign companies across Asia, extending across a wide range of businesses and industries, we have accumulated significant experience advising on an extensive range of corporate finance transactions. This includes: Initial Public Offerings (IPOs) Right issues Private placements Convertible bonds issues Warrants issues Capitalisation issues Privatisations Takeovers and reverse takeovers Share buybacks Interested person transactions Employee share option schemes and performance share schemes Compliance with the requirements of the Singapore Exchange




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