Currently, companies have two months to hold general meetings including extraordinary general meetings from the day the board receives the requisition notice. This includes the 21-day notice from the date the circular is distributed to shareholders to the date of the EGM.
SGX RegCo is proposing a rule change to require listed issuers to assist shareholders who have requisitioned a general meeting so that the meeting can take place as soon as practicable. Issuers are to commence facilitative efforts within 21 days of deposit of the requisition notice. An issuer who disputes the validity of the requisition notice must apply for a court ruling within the same timeline.
Some areas in which SGX RegCo envisages the issuer should provide help to requisitionists include releasing announcements and documents such as notices, circulars and proxy forms, on SGXNet; sending these documents to shareholders; collating any proxy forms submitted by shareholders at the issuer’s registered office; securing the board’s attendance at the shareholder-requisitioned meeting; enabling the appointed scrutineer to discharge its duties; and instructing its agents, including its share registrar and company secretary, to provide any necessary assistance such as preparing the mailing labels for the purposes of sending documents to shareholders and attending the shareholder-requisitioned meeting.
