General Meetings – More Guidelines on Staying Safe During COVID-19

More Guidelines on Conducting General Meetings – Staying Safe During COVID-19

Non-listed business entities can now refer to new guideline and checklist on conducting general meetings during the COVID-19 social distancing period.

The guidelines were prepared by the Accounting and Corporate Regulatory Authority (ACRA), the Singapore Exchange Regulation (SGX RegCo) and Monetary Authority of Singapore (MAS). The higher safety measures ensure all parties are adhering to the social distancing requirements and staying safe. It is a further guideline referring to Part 4 of the required COVID-19 (Temporary Measures) Act 2020 (Act) and COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (Order). The Ministry of Law is the party responsible for the Order.

 

Conducting General Meetings During Social Distancing Period in the Safest Way

If both listed and non-listed entities need to conduct their general meetings, they should refer to this checklist. Any essential persons required to be in the same location physically should conduct “virtual” meetings. Automatic exemptions limited by time will be granted by the Ministry of Trade and Industry. These exemptions will allow operations to be held within the same location physically. However, the number of persons involved must not be more than 6 people. Social distancing measures must be enforced at these venues too.

The requirements stipulated in the Order are not mandatory, merely permissive. Entities can still hold meetings in accordance with the current existing laws, provided social distancing measures continue to be adhered to. If an entity cannot comply then they should consider opting to defer their meetings.

For the full details of the new guidelines and checklist requirements, refer to ACRA’s website here.