On 10 April 2020, the Companies Commission of Malaysia (SSM) announced that seven reliefs will be provided to companies in light of the COVID-19 outbreak and Malaysia’s Movement Control Order (MCO). These initiatives are very much welcomed. They range from temporary protection from winding up of companies, extension of time to lodge statutory documents, and an extension of time for the annual general meeting.
With the coronavirus outbreak, Malaysia is now under restricted movement to limit the gathering of people. The Prime Minister announced the movement control order and the associated regulations have been gazetted. This article aims to set out six key issues for companies as they navigate the holding of general meetings.
By way of background, on 16 March 2020, the Registrar of Societies announced that in light of the coronavirus pandemic, all annual general meetings for societies have been banned until 30 June 2020.
Seemingly, on 16 March 2020, the Companies Commission of Malaysia (SSM) had issued a press release to ask all companies to consider all available options for meetings including electronic meetings at multiple venues. Companies would also apply for extension of time to hold its annual general meetings. The link on the SSM website has now gone down so I cannot locate a copy of that press release.
I set out the six possible issues that companies have to take note of in relation to their general meetings.