13 September 2020

New Normal with "Virtual" AGM or EGM

In April 2020, the Securities Commission Malaysia (SC) has issued a Guidance Note on the Conduct of General Meetings for Listed Issuers (Guidance Note) in which listed issuers shall conduct fully virtual general meetings during the Movement Control Order (MCO) period.

Since then, many listed companies were seen holding virtual AGM/EGM accordingly and this has benefited many retail shareholders like me. Why?

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Six key advantages of Virtual General Meetings:
  1. Time-saving (no more wasting time looking for parking or stuck in traffic jam)
  2. Cost-saving (no more lavish spending on hotel/resort venue & luncheon)
  3. More effective (shareholders can participate and ask questions virtually)
  4. Clearer presentation (basically everyone has their 'own screen' to view the slides)
  5. Ease of Voting (this is essential when come to voting whereby all shareholders can vote remotely with a simple click)
  6. Borderless (Yes, you don't have to travel cross-border or cross-states just to attend any AGM anymore ☺)

Who holds the First virtual AGM in Malaysia?

Of course, the answer is Bursa Malaysia itself by leading the pack in Malaysia. The exchange operator held its 43rd AGM online on 29 April 2020, which was broadcasted from the conference room of Bursa Malaysia’s building in Bukit Kewangan. Shareholders participated and voted remotely using the available remote participation and voting (RPV) facilities.

What? Hybrid meetings?
Hybrid general meetings, which involve multiple venues in different locations, shall only be conducted after the MCO period has ended, in order to adhere to the government’s directives to curb the spread of Covid-19. Again, Bursa Malaysia creates history by holding a hybrid 42nd AGM, where shareholders had the option to attend the AGM physically or via remote participation.

Next, we will blog about virtual meetings provided by TRICOR INVESTOR & ISSUING HOUSE SERVICES. Stay tuned!

~ AGM : Annual General Meeting
~ EGM : Extraordinary General Meeting
~ RPV : Remote Participation and Voting

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