Harry Elias Partnership LLP Partner and Head, Corporate and Financial Services Claudia Teo was featured in a Straits Times article titled “SGX Regco proposes rule change to get firms to act on meetings called by shareholders”.
Commenting on the proposed changes, Claudia said: “These proposals will give shareholders greater confidence in the requisition process if they are more certain that the measures will help see to it that the extraordinary general meeting is announced and conducted rather than defeated on technicalities. This will augment shareholder activism in voicing their concerns for the direction of the company.”
Claudia noted that shareholder-requisitioned meetings are often complicated by the companies seeking to delay the conduct of the meeting using various technicalities and procedural roadblocks. She added: “For instance, the company may refuse to announce receipt of a notice of meeting received from requisitionists on the basis that it is ‘seeking legal advice on the matter’. They may also deny shareholders access to the register of shareholders or subject such access to overly formalistic or legalistic processes.”
Read in full here.
