The Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Act 2023 (Amendment Act) will come into operation on 1 July 2023. The Amendment Act introduces to the Companies Act 1967, Business Trusts Act 2004, and Variable Capital Companies Act 2018 new provisions which, among other things, give Singapore companies, business trusts (BTs) and variable capital companies the option of conducting general meetings either: (a) solely using virtual meeting technology; or (b) at a physical place and using virtual meeting technology (i.e., a hybrid meeting), in addition to conducting meetings solely at a physical place.
In the same vein, in relation to issuers (including BTs and real estate investment trusts) primary-listed on Singapore Exchange Securities Trading Limited, Singapore Exchange Regulation has amended Practice Note 7.5 (General Meetings) of the Singapore Exchange (SGX) Listing Rules (Mainboard) and Practice Note 7E (General Meetings) of the SGX Listing Rules (Catalist) (collectively, Practice Notes) to provide guidance on, among other things, the conduct of hybrid general meetings. The Practice Notes also make clear that listed issuers will not be permitted to hold fully virtual general meetings. The amended Practice Notes will apply to general meetings held on or after 1 July 2023, regardless of when the notice of general meeting is disseminated.
If you would like information and/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 view Kevin’s CV.
Annabelle YIP
Senior Consultant
Principal Member – Corporate Governance & Compliance
d +65 6416 8249
e annabelle.yip@wongpartnership.com
Click here to view Annabelle’s CV
Vivien YUI
Partner – Corporate Governance & Compliance
d +65 6416 8009
e vivien.yui@wongpartnership.com
Click here to view Vivien’s CV.
Jayne LEE
Partner – Corporate Governance & Compliance
d +65 6416 8256
e jayne.lee@wongpartnership.com
Click here to view Jayne’s CV.