PETALING JAYA: The Securities Commission Malaysia (SC) has issued a guidance note which states that listed companies shall only conduct fully virtual general meetings during the movement control order period (MCO).
In a statement, the regulator said there should not be more than eight essential individuals physically present at the broadcast venue, which include the chairperson of the general meeting, and may be joined by the chief executive officer, the chief financial officer, the company secretary, the auditor and those providing audio-visual support.
However, the SC stressed that listed issuers should try to conduct the fully virtual meeting with as few individuals present at the venue as possible, and those present must observe all social distancing guidelines.
“This guidance note is necessary to ensure companies can continue to meet their obligations under the law and to shareholders during this MCO period. We also encourage companies to continue leveraging technology, even beyond the MCO period, to conduct meetings in a manner that will encourage and enable full shareholder participation, even from remote locations,” said chairman Datuk Syed Zaid Albar,
Companies can submit an application to the commission for a time-limited travel exemption for the essential individuals to travel to the broadcast venue for the fully virtual meetings.
The SC also said that hybrid general meetings, which involve multiple venues in different locations, can only be conducted after the MCO has ended.
