Consultation Paper on Legislative Amendments to Enable Conduct of General Meetings by Electronic Means

Following the launch of a joint public consultation to also permit the holding of general meetings by electronic means, the Monetary Authority of Singapore (MAS), the Accounting and Corporate Regulatory Authority (ACRA), and the Ministry of Finance (MOF) have published a corresponding response paper.
To recall, in their consultation paper, the three authorities proposed to modify above noted acts to allow firms to hold general meetings in hybrid or even virtual form only – if they wish to do so. Currently, Singapore laws require physical presence by company staff and investors, although this requirement has been temporarily suspended during the COVID-19 pandemic.
In their response paper now, the authorities outline the feedback they have received to their consultation (Annex A) and outline the modifications they will make based upon the feedback received. Such modifications are minor in nature and encompass the following:
– the scope of application will be expanded to also include court-ordered meetings pursuant to sections 182 and 210 of the Companies Act 1967;
– the final bills will be amended to also address „proxies and representatives of members“ in the context of virtual or hybrid meetings; and
– the final bills will be amended to provide more clarity on certain issues (e.g. public availability of documents during a general meeting).
The final amendment bills are expected to come into force on July 1, 2023.