In light of the Covid-19 outbreak, the parliament declared on April 7 that Annual General Meetings can now be held on video conference.
Previously, organisations were unable to gather stakeholders because of restrictions on mass gatherings.
What is an AGM?
An AGM is a mandatory meeting held by a company to update its shareholders on its business health.
At AGMs, financial statements will be presented to the shareholders. After which, they may raise queries on the financial performance of the company.
Some matters presented during an AGM include: the adoption of accounts, dividend declaration and approval of director’s fees.
How Were Companies Affected?
Large corporates such as DBS Group Holdings have had to defer their AGMs. They also had to defer their payment of final dividends, as these can only be approved at AGMs.
However, not only big companies were affected. Being unable to hold meetings has brought upon uncertainty and disruption to many.
Things to Note for Live Streaming Annual General Meetings
Here are some important things to note about live streaming AGMs:
1) Safeguards must be in place to facilitate effective participation.
2) The meetings must have live audio and video feeds.
3) Members must be given the opportunity to submit questions, such as through email, before the meeting, and they must be addressed by the management.
4) Your organisation might require certain essential persons to be in the same physical location to conduct the virtual meeting. In this case, an automatic time-limited exemption would be granted to permit temporary operations. However, the number of persons should not exceed 6. Safe distancing measures must also be complied with at the venue.
5) Issuers and non-listed companies must also provide for contemporaneous observation of the meeting proceedings by audio only means (e.g. a telephone number).
6) Issuers must publish minutes within one month after the general meeting on SGXNET and, if available, the issuer’s corporate website.
*This is not an exhaustive list. For more information, we recommend you follow updates from official news channels and SGX.
*Certain companies are allowed to postpone their AGMs. To check if your organisation is eligible, refer to SGX’s updated checklist.
How You Can Ensure Your Virtual AGM Goes Smoothly
Key stakeholders will be involved in AGMs, and big decisions will be made. Therefore, it is of utmost importance to ensure the meeting goes smoothly.
As stated above, virtual AGMs have to be recorded. To prevent common problems such as imbalanced audio and unclear visuals, we recommend you engage a professional live stream service provider.
Most organisations have never held a virtual AGM. and might be confused on how to carry it out. Thus, we are here to help. With our industry-grade equipment and technical expertise, you will be able to focus on your meeting worry-free.
Annual General Meeting Live Stream 2020
As more information is released, this article will be updated accordingly. If you have any enquiries regarding AGM Live Stream services, feel free to contact our project coordinators, who will be glad to help.