CORONAVIRUS OUTBREAK

Listed cos get temporary respite from holding AGM, board meet

Staff Correspondent      | Published: 22:18, Mar 24,2020

 
 

A file photo shows the front view of Bangladesh Securities and Exchange Commission building in the capital.— New Age photo

The Bangladesh Securities and Exchange Commission on Tuesday temporarily relieved listed companies from having to hold annual general meetings and board meetings in an effort to check the spread of the coronavirus among the participants.

The BSEC issued an order on the matter on Tuesday following appeals made by some of the listed companies and the Bangladesh Associations of Publicly Listed Companies.

The commission asked the Dhaka Stock Exchange Limited, the Chittagong Stock Exchange Limited and all listed companies to consider relaxing the rules subject to compliance of certain rules regarding holding of AGMs or board meetings on digital platforms.

According to the order,  ‘all the listed companies are given a temporary relaxation regarding compliance with the provisions of listing regulations or other securities laws relating to holding of AGM/EGM, board of directors’ meeting, publication and dissemination of price

sensitive information and requirement of monthly/quarterly submissions and other submissions to the commission and the exchanges subject to the limitations or compliances in other regulatory framework.’

In order to avoid large gatherings in one place and to maintain social distancing, listed companies may use  any digital platform to hold AGMs or EGMs and board meetings at different locations subject to ensuring voting and other rights of shareholders as well as the limitations and compliances in other regulatory framework, it said.

In case of using any digital platform, proceedings of the meetings (AGM/EGM) must be recorded on both soft and hard copies in such a way so that subsequent verification can be undertaken.

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