Virtual annual general meetings suit firms but leave concerned shareholders out of loop
Companies Act provides for electronic-only meetings but more guidance is needed from regulators on minimum requirements
Holding annual general meetings in the time of Covid-19 has been somewhat less of a scramble for JSE-listed companies than for those in many other jurisdictions. This is because our Companies Act already provided for virtual- or electronic-only meetings, so there was no regulatory hurdle to overcome to be able to use this format during lockdown.
But for all the advantages virtual-only annual general meetings offer in these unprecedented times, it has become clear that the format is riddled with shortcomings, and that regulators such as the JSE and department of trade, industry & competition must intervene to protect shareholder rights...
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