On 15 December 2022, the Ministry of Law (MinLaw) announced, among other things, that the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (Order) will be revoked on 1 July 2023. The Order was introduced in early 2020 to facilitate the holding of general meetings through electronic means during the COVID-19 pandemic.
Singapore Exchange Regulation (SGX RegCo) has also announced that, with the revocation of the Order, issuers listed on Singapore Exchange Securities Trading Limited which intend to conduct general meetings from 1 July 2023 should return to conducting such meetings physically. The Accounting and Corporate Regulatory Authority (ACRA) and the Monetary Authority of Singapore (MAS) are presently working on legislative amendments which will provide entities with the option to conduct general meetings by electronic means after the Order is revoked.
As a related point of interest, on 24 November 2022, SGX RegCo, the Singapore Institute of Directors, and the Chartered Secretaries Institute of Singapore published a set of standards for service providers who provide systems that enable the holding of virtual and hybrid general meetings.
• The MinLaw press release can be found here.
• The SGX RegCo press release can be found here.
• The ACRA press release can be found here.
• The MAS press release can be found here.
If you would like information or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
Kevin HO
Co-Head – Corporate Governance & Compliance
d +65 6416 2555
e kevin.ho@wongpartnership.com
Click here to see Kevin’s CV.
Annabelle YIP
Senior Consultant
Principal Member – Corporate Governance & Compliance
d +65 6416 8249
e annabelle.yip@wongpartnership.com
Click here to see Annabelle’s CV.
Vivien YUI
Partner – Corporate Governance & Compliance
d +65 6416 8009
e vivien.yui@wongpartnership.com
Click here to see Vivien’s CV.
Jayne LEE
Partner – Corporate Governance & Compliance
d +65 6416 8256
e jayne.lee@wongpartnership.com
Click here to see Jayne’s CV.