SGX Extends Deadline for AGMs
In this article (5)
Social distancing measures could make the holding of annual general meetings (AGMs) and the performance of statutory audits for full-year financial results challenging, SGX said.
Singapore Exchange Regulation will automatically extend by 60 days the deadline for all issuers with financial year-end on or before 31 March 2020 to hold their AGMs, it announced on Tuesday.
The decision was made in consultation with the Accounting and Corporate Regulatory Authority (ACRA) and the Monetary Authority of Singapore (MAS) in light of government advisories and measures amid the Covid-19 situation.
ACRA also said it will grant an extension of 60 days for all companies, both listed and non-listed, whose AGMs are due between 16 April to 31 July. It is also giving a 60-day extension to companies whose annual return filing due dates fall between May 1 and Aug 31.
Questions & Answers
Q.Which companies will receive an automatic 60-day extension for holding their AGMs?
Which companies will receive an automatic 60-day extension for holding their AGMs?
SGX will automatically extend the deadline for all issuers with a financial year-end on or before 31 March 2020. This allows more time for these companies to conduct their annual general meetings amid current challenges.
Q.What is the reason for the decision to extend AGM deadlines?
What is the reason for the decision to extend AGM deadlines?
The decision was made due to social distancing measures, which make holding AGMs and performing statutory audits challenging. It aligns with government advisories and measures during the current Covid-19 situation.
Q.Are unlisted companies also affected by the deadline extensions?
Are unlisted companies also affected by the deadline extensions?
Yes, ACRA will grant a 60-day extension to all companies, both listed and non-listed, whose AGMs are due between 16 April and 31 July. This provides relief across various company types.
Q.Which regulatory bodies were consulted regarding the extension decision?
Which regulatory bodies were consulted regarding the extension decision?
Singapore Exchange Regulation consulted with the Accounting and Corporate Regulatory Authority (ACRA) and the Monetary Authority of Singapore (MAS). This collaborative approach informed the decision to extend AGM deadlines.
Reader pulse
Will these extensions effectively ease the burden on retail businesses?
19,881 votes so far