Bangkok, 9 March 2020 – SEC has sent a circular dated 6 March 2020 to all listed companies, property funds, infrastructure funds and real estate investment trusts (REIT), specifying guidelines for holding the annual general meeting (AGM) and other related guidelines amid the spread of the novel coronavirus disease (COVID-19). SEC is also considering the possibility of deadline extension for AGM holding of property funds, infrastructure funds and REITs.
Following
the joint meeting on 2 March 2020 with the
Department of Business Development under the Ministry of Commerce, the Ministry
of Digital Economy and Society and the Stock Exchange of Thailand (SET) to
discuss possible solutions to the AGM holding of listed companies amid the
spread of COVID-19, SEC has disseminated the circular and frequently asked
questions to inform all listed companies of relevant guidelines to be
implemented in the same direction. For example, guidelines for mitigating the
risks of COVID-19 spread when AGM is held and guidelines for supporting proxy
voting.
In this regard,
SEC has included the Notification of the Department of Business Development
regarding Measures for Handling the Spread of COVID-19 in Case of Possible
Impact on the Holding of Juristic Person’s Meeting B.E. 2563 (2020), dated
4 March 2020, whereby public limited companies affected by the outbreak to the
point that their AGM cannot be held or has to be postponed beyond the period
specified by law must submit a written clarification of the reason for the
postponement to the registrar on a case-by-case basis after AGM has been held.
In addition, SEC is considering a deadline
extension of AGM holding of property funds, infrastructure funds and REITs, or a
permission to use other alternative measures.
In any case, being
unable to comply with the AGM Checklist due to the COVID-19 situation will not
affect the assessment conducted on listed companies, asset management companies
or REIT managers regarding this subject.
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