Singapore has taken a significant step towards promoting a pro-business environment by allowing companies and business trusts to adopt virtual annual general meetings (AGMs).
On May 9, 2023, the Ministry of Finance introduced the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill, which amends the Companies Act of Singapore.
Under the amended legislation, private limited companies and public companies incorporated in Singapore now have the option to hold virtual AGMs in addition to statutory meetings and extraordinary annual general meetings. Previously, AGMs were primarily conducted in person.
Both publicly listed companies and non-listed companies in Singapore are required to hold an AGM. Publicly listed companies must hold their AGMs within four months after the end of their financial year, while non-listed companies must hold it within six months after the end of their financial year.
During the AGM, companies are expected to present their financial statements, providing shareholders with insights into the company’s financial health. Moreover, shareholders are given an opportunity to raise questions and concerns about the company’s operations.
Virtual and Hybrid Mode AGMs Now Allowed in Singapore (aseanbriefing.com)
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