CMA issues guidelines for virtual AGMs

The Capital Markets Authority has issued guidelines to issuers of securities to the public for hosting virtual general meetings.

The guidelines have been issued in line with the recent High Court Ruling, the challenges posed by the Covid-19 pandemic and the Government Directive banning public gatherings.

CMA Acting Chief Executive, Wyckliffe Shamiah, says virtual AGMs should be held by issuers of securities to the public who find it impracticable to conduct a general meeting.

He says CMA will process applications received from issuers within fourteen days.

In a statement Shamiah said, ‘‘In order to protect the rights of all shareholders, the CMA has emphasized that all shareholders should be given ample time to raise their questions and receive explanations from the Directors and/or management’’.