On the 10th July 2020, the Malta Business Registry (the “MBR”) issued a notice in relation to the Companies Act (Public Companies – Annual General Meetings Regulations) 2020 (the “Regulations”), which Regulations address the requirements the convening of annual general meetings, relevant to public companies who have more than six shareholders, and whose annual general meeting was postponed since restrictions were enforced by the Superintendent of Public Health due to COVID-19 pandemic.
5-month extension
The requirement to convene an annual general meeting by the afore-mentioned public companies in terms of the Companies Act, Chapter 386 of the laws of Malta, and the period of fifteen months specified therein has been extended by five months.
Remote meetings
Annual general meetings and extraordinary general meetings may be held remotely. However, the Company’s shareholders are only allowed to appoint the Chairman of the meeting as their proxy. Each shareholder shall indicate on the form of proxy, their vote on each resolution put forward during the meeting.
Questions
Shareholders are to submit their questions in relation to the items on the agenda within forty-eight hours prior to the meeting, which will then be answered by the directors or by persons delegated. These replies shall be uploaded on the website of the company within forty-eight hours from the termination of the meeting.
Laying of accounts
These Regulations also provide for an extension for the laying and approval by the general meeting of the company’s accounts and the seven-month period laid down in the Companies Act, is also extended by five months. Therefore, the period of forty-two days relating to the submission of a copies of accounts to be provided to the Registrar shall start running from the period so extended.
Registration of extension
The Registrar must receive for registration a notice from companies that would like to benefit from this extension. Failure to do so, would result in a penalty of five hundred euro.
Feel free to contact us if you require any further clarifications in relation to public companies.
