In Singapore, annual general meetings (AGM) are mandatory yearly meetings that all listed companies need to hold, as such meetings update their shareholders on the company’s business health. During the AGM, the company presents the financial statements to shareholders, and shareholders are given the opportunity to raise queries on the company’s financial performance. Under normal AGM sessions, shareholders get to vote on resolutions and can raise queries pertaining to the company.
But companies face new challenges from the COVID-19 situation as they are also subject to lock-down and social distancing measures. Due to the Singapore government’s prohibition of gatherings, this generated concern in the boardrooms because AGMs were not allowed to be held physically. To comply with regulations that mandate AGMs be held within a certain time-frame after the end of the financial year, companies had to hold their the meetings virtually. The stock exchange also gave grants to qualifying Mainboard and Catalist companies, to help defray the additional costs of organising AGMs virtually.
Mileage Communications‘ client KORI Holdings Limited, a Singapore-based specialist builder in structural steelworks, piling works, ground support and stabilisation works, held its virtual AGM and EGM recently. Mileage Communications is proud to support the whole process, which went through speedily and seamlessly.
While there was no lengthy forum and lunch reception that typically follows at the end of a physical session, this might very well be the new normal for listed companies!