DBS Postpones Annual General Meeting
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DBS Group on Thursday said it would defer its annual general meeting (AGM) that was originally scheduled on March 31.
The move follows government measures that imposed stricter measures to enforce safe-distancing in social settings given the novel coronavirus outbreak. From 11:59pm on March 26, all events and mass gatherings must be deferred or canceled, regardless of size.
With this, pre-registrations previously opened by DBS to watch the webcast and for physical attendance on March 31 have ceased. Shareholders can get updates from DBS’ website regarding the AGM. «DBS apologizes to shareholders for the inconvenience and thanks them for their patience in these difficult times,» the bank said in a statement.
DBS will update shareholders of the new date for the AGM and the procedures for participation after the legislative amendments to facilitate the holding of the meeting have been passed, and the necessary arrangements have been put in place in order to implement the safe distancing measures imposed by the Ministry of Health.
The 24 March Ministry of Health (MOH) Notification states that with effect from 11:59 pm on 26 March 2020, all events and mass gatherings must be deferred or canceled, regardless of size.
ACRA, MAS, and SGX RegCo have also issued a joint statement on 25 March 2020 stating that all listed issuers are expected to comply with MOH’s safe distancing measures and that legislative amendments are being proposed for Parliament sitting in April 2020 in relation to the conduct of meetings (which include allowing issuers the flexibility to hold meetings solely by virtual means). DBS’ last general meeting was held on April 25, 2019, and saw a turnout of more than 1,000 shareholders.
Questions & Answers
Q.Why has DBS postponed its Annual General Meeting?
Why has DBS postponed its Annual General Meeting?
DBS postponed its AGM due to new government measures to enforce stricter safe-distancing in social settings, in response to the novel coronavirus outbreak. All events and mass gatherings must be deferred or cancelled from 11:59pm on March 26.
Q.What is the new date for the DBS AGM?
What is the new date for the DBS AGM?
DBS will update shareholders on the new date for the AGM after legislative amendments to facilitate the meeting have passed. Necessary arrangements will also be put in place to implement safe distancing measures.
Q.What kind of changes are being proposed for company meetings?
What kind of changes are being proposed for company meetings?
Legislative amendments are being proposed for Parliament's April sitting to give issuers flexibility in how they conduct meetings. This includes the option to hold meetings solely by virtual means, complying with safe distancing guidelines.