SINGAPORE (THE BUSINESS TIMES) – DBS Group on Thursday (March 26) said it would defer its annual general meeting (AGM) that was originally due on March 31.
This comes as the government has imposed stricter measures to enforce safe-distancing in social settings. From 11:59pm on March 26, all events and mass gatherings must be deferred or cancelled, regardless of size.
The Monetary Authority of Singapore (MAS) and the Accounting and Corporate Regulatory Authority (Acra) are working with other government agencies to propose legislative amendments in relation to the conduct of meetings, which include general meetings and scheme meetings.
MAS and Acra are looking to introduce these amendments for the Parliament sitting in April.
The amended legislation will allow issuers the flexibility to limit the number of attendees in a physical meeting and for other participants to participate by virtual means. Alternatively, it will also give issuers the option to hold meetings solely by virtual means.
With this development, pre-registrations previously opened by DBS to watch the webcast and for physical attendance on March 31 have ceased, said the bank on Thursday.
“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.”
Shareholders can refer to DBS’ website for updates on the AGM.
“DBS apologises to shareholders for the inconvenience and thanks them for their patience in these difficult times.”