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SGX, chartered secretaries unveil online scheduling platform as AGM season rolls in
Most AGMs are too clustered.
The Singapore Exchange (SGX) and the Chartered Secretaries Institute of Singapore (CSIS) have launched an online calendar that will allow listed companies to indicate their tentative Annual General Meeting (AGM) dates.
The initiative is in response to feedback that many AGMs are clustered around the last two weeks of April. So far, 97 companies have thus far scheduled their AGMs in April on the calendar.
The clustering of AGMs prevents many investors from attending all meetings and exercising their shareholder vote.
“The clustering of AGMs occurs in most global markets and is of great concern to investors. We hope companies will participate in this online calendar so as to aid their investors and the market as a whole,” said Tan Boon Gin, Chief Regulatory Officer, SGX.
Roughly 60% of all companies end their financial year on 31 December, which means that they have up to 30 April of the following year to hold their AGMs.
“Active shareholder participation is important for our disclosure-based regime and the market to progress. Attending AGMs enables investors to exercise their voting rights, ask questions and clarify concerns with the board and senior management of companies they have invested in,” Tan added.
The calendar is found at: http://www.saicsa.org.sg/english/news/calendar.asp.
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