Banks and other financial institutions are scrambling to adapt to the Singapore government's latest limit on gathering size, especially for those that have arranged for physical annual general meetings (AGMs) which would happen soon.
With its AGM less than one week away on March 31, DBS posted an update on Tuesday night about possible changes in the arrangement for its meeting after the government announcement. The bank had initially planned for shareholders who want to attend the meeting at Marina Bay Sands Expo and Convention Centre to pre-register online.
«We are re-assessing our AGM plans in consultation with SGX (Singapore Exchange) and legal advisers, and aim to provide shareholders with an update on our website by March 26,» said a DBS spokesperson, who was quoted in «Business Times». It has now suspended registrations for attendance on-site while continuing to accept registrations for its live webcast option.
Safe Distancing Rules
The Accounting and Corporate Regulatory Authority (Acra) and the Monetary Authority of Singapore (MAS) on Wednesday said they are working to propose legislative amendments on meetings so as to adhere to safe distancing rules amid the novel coronavirus outbreak.
United Overseas Bank, which usually attracts a large turnout at its AGMs, said it is reviewing the arrangements for its upcoming meeting on April 30. «Our measures, which will include a live webcast of the AGM, will be aligned to the guidance from the government and our regulators. We will share more details in due course,» a spokesperson said.
Great Impact
David Gerald, chief executive of the Securities Investors Association (Singapore), said the latest measure would impact greatly companies' abilities to hold their AGMs, and it would be a challenge to cater to shareholders attending the AGM in person.
Nonetheless, he said, companies should provide appropriate means for shareholders to interact with the board as well as provide video and webcast facilities so that shareholders can participate at the AGM remotely.
