THE Nigerian Stock Exchange (NSE) has advised all listed companies that plan to hold their Annual General Meetings to put in place adequate precautionary measures to ensure the safety of all stakeholders at the meetings.
The advice follows the outbreak of the novel Coronavirus (COVID-19) and pursuant to the provisions of Rule 19.1: Rules Relating to Board Meetings and General Meetings of Issuers, Rulebook of the Exchange, 2015.
The NSE, in a circular to issuers on the conduct of 2020 Annual General Meetings of companies listed on the Exchange, said the Nigeria Centre for Disease Control has issued a guidance document on safe mass gatherings in Nigeria.
“A copy of the guidance document is attached for your ease of reference. This document can also be found on the NCDC website,” the circular stated.
The circular signed by the Head, Listings Regulation Department, Godstime Iwenekhai, noted that the exchange was aware that some listed companies had already scheduled their AGMs to hold in the near future.
According to him, such companies are advised to adopt the safety procedures provided by the NCDC in preparation for their AGMs and these procedures should be adequately communicated to all invitees to the AGM.
“For listed companies that wish to postpone their AGMs or are yet to schedule their AGMs, the exchange wishes to draw their attention to Rule 19.4(d) Responsibility of the Directors/Trustees in Relation to General Meetings, Rulebook of the Exchange, 2015, which provides that ‘if an Issuer fails to hold its annual general meeting within nine months from the end of its financial year-end or within such extended period as may be approved by the Corporate Affairs Commission; the issuer shall file a report with the Exchange within ten business days of the end of the stipulated period explaining the reasons for their default; and they shall make an announcement in that regard in at least two national daily newspapers within five business days of receiving the Exchange’s approval to make the announcement”