Holding meetings amid Covid-19: Order for alternative arrangements issued, guidance and checklist provided by ACRA, MAS and SGX RegCo
15 April 2020
On 13 April 2020, the Covid-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (“Order”) was gazetted. The Order, which comes into operation retrospectively on 27 March 2020, sets out the alternative arrangements to personal attendance in respect of the following classes of meetings:
- general meetings of companies;
- general meetings of variable capital companies and meetings of classes of members of VCCs holding shares in respect of a sub-fund;
- general meetings of unitholders of registered business trusts;
- meetings of unitholders of relevant unit trusts; and
- meetings of holders of a series of debentures expressed to be governed by the law of Singapore.
This was followed, on the same day, by a joint statement issued by the Accounting and Corporate Regulatory Authority, the Monetary Authority of Singapore and Singapore Exchange Regulation on “Additional Guidance on the Conduct of General Meetings During Elevated Safe Distancing Period” (“Guidance”), which includes a checklist (“Checklist”) providing further guidance on the Order for both listed and non-listed entities.
On 14 April 2020, the Covid-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) (Amendment) Order 2020 (“Amendment Order”) was issued. The Amendment Order clarifies the manner in which a notice should be sent by electronic means.
This article discusses the provisions of the Order, the Guidelines and the Checklist.
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Allen & Gledhill has a Covid-19 Resource Centre on our website www.allenandgledhill.com that contains knowhow and materials on legal and regulatory aspects of the Covid-19 crisis.
In addition, we have a cross-disciplinary Covid-19 Legal Task Force consisting of Partners across various practice areas to provide rapid assistance. Should you have any queries, please do not hesitate to get in touch with us at email@example.com.