Government measures in key jurisdictions 5th edition - Flipbook - Page 119
Singapore
The Covid-19 (Temporary Measures) (Alternative Arrangements for Meetings)
(Bankruptcy) Order (“Bankruptcy Order”) was gazetted as well, prescribing
alternative arrangements for conducting meetings in respect of bankruptcy matters.
The Orders grant broad flexibility to convenors to either hold meetings virtually, or to
deter holding meetings until 30 September 2020. However, the Orders do not apply
to all meetings. For example, the Insolvency Order does not apply to, inter alia, any
meeting held pursuant to an order or a direction of the High Court under section 210(1)
of the Singapore Companies Act – meetings of creditors and members in relation to
the proposal of a compromise or arrangement.
•
On 22 June 2020, following Singapore’s move into phase two of its reopening on 19
June 2020, ACRA has updated its regulatory announcement to clarify that issuers
that are permitted to operate will no longer need to submit a notification to the
Ministry of Trade and Industry for a lime-limited exemption to have temporary
operations in the same physical location for the purpose of holding a general
meeting.
•
The Singapore Stock Exchange is also providing a grant of SGD5,000 per issuer
that can only be used for the purpose of implementing Covid-19 measures for
AGMs. This ‘AGM Facilitation Grant’ will cover all AGM-related expenses incurred
between 16 March 2020 and 15 March 2021, such as augmenting physical AGMs
with video conferencing, additional logistics such as on-site temperature taking or
pre-AGM shareholder communication, amongst others.
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