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Further guidance offered to Listed Companies on hosting virtual/hybrid AGMs

The Colombo Stock Exchange (CSE) offered guidance to listed companies on hosting Annual General Meetings (AGMs) amidst the COVID-19 pandemic. The CSE has observed that several Listed Companies had adopted the guidance offered by CSE and successfully hosted virtual/hybrid AGMs. Taking into consideration the feedback received from various stakeholders in this regard, the CSE has formulated an additional guidance note, with a view to elaborate on best practices that may be adopted by Listed Companies when convening virtual/hybrid AGMs.

The Listed Companies are requested to consider the following factors when convening virtual/hybrid AGMs:

Ensuring Equal Access

The model adopted by a Listed Company to conduct it’s virtual/hybrid AGM should be impartial in relation to its shareholders. The CSE has offered guidance with regards to selecting a procedure that would ensure all shareholders equal access to the meeting.

The procedure adopted by listed companies in this connection must allow sufficient opportunities for shareholders to raise questions, concerns, or make brief comments about each Agenda item/Resolution, while being mindful of the time that can be allocated to all the meeting participants. It is recommended that the procedure be made available to all shareholders prior to the date of the AGM via the websites of and the company and the CSE and to also be made available during the meeting to all attendees in-person and virtually.

Companies are also expected to provide reasonable time during the meeting for shareholders to present their proposals or questions/comments related to the Agenda items. A dedicated phone line should also be made available for the shareholders to raise their questions, if they are unable to use/access the technology arranged for this purpose.