Listed firms urged to delay meetings

Business | Avery Chen 2 Apr 2020

The Securities and Futures Commission and Hong Kong Exchanges and Clearing (0388) yesterday jointly announced that annual general meetings, extraordinary general meetings, and special general meetings of listed companies will not breach Hong Kong's new regulations on public gatherings, but urged companies to delay events.

The SAR government has banned gatherings with more than four people for two weeks from March 29.

On Monday, some minority shareholders of Century Entertainment International (0959) even called the police to say the company's special general meeting violated the ban. The SFC and HKEX said general meetings, as required under the Companies Ordinance or listing rules, are in general exempt from the ban on group gatherings. But they suggested listed issuers to consider adjourning or delaying their general meetings.

If companies decide to proceed with a physical general meeting during the two weeks starting March 29, they should take all practicable precautions to ensure the safety of attendees, including mandatory screening of body temperatures and use of masks, physical distancing, as well as controlling the number of physical attendees, regulators said.

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