CMA approves E-measures for SAOGs and Investment Funds General Meetings

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هذه الصفحة متوفرة بهذه اللغة: العربية

16 April 2020

MUSCAT (WAF): Yahya Al Jabri, Chairman of Oman’s Capital Market Authority (CMA), approved today new rules to hold general meetings of Public Joint Stock Companies (SAOGs) and Investment Funds via electronic means.

In light of physical distancing imposed by the spread of Coronavirus emerging (COVID 19), CMA suspended these meetings and allowed an instant approval of the proposed dividends.

The new measures allow public joint stock companies and investment funds to hold their general meeting via an e-platform provided by the Muscat Clearing and Deposit Company (MCDC).

According to the approved rules, shareholders can -through the platform- follow-up the proceedings of the meeting and vote on its items and complete the process of electing members of the boards of directors by physically attending the meeting or by logging in online. 

Concerning the election of the boards, of the company or the fund, “the company or fund shall disclose the names of the candidates who meet the terms and conditions for their candidature and whose nomination forms have been vetted by the legal advisor. The company shall send their profile to be hosted on the website of Muscat Securities Market (MSM) at least three (3) days prior to the schedule(d) date of the general meeting.”

Voting -via the e-platform- on any of the items will be opened three days before the date of the meeting. The votes will be kept confidential until the end of the voting process on the item presented in the meeting day.

The validity of the quorum for the meetings will be calculated in three ways. Shareholders can be physically present -whether the holders or proxies-, activate the access link to the electronic meeting page without leaving the page until the time of announcement of the commencement of the meeting, or by pre-voting on the items of the agenda of the meeting. “The same shares or units shall not record their attendance in the general meeting by more than one of the above methods otherwise, their attendance will be void,” the approved new rules states.

The new measures also limit the time of voting for each item to 5 minutes each. Except for voting on the election of members of the Board of Directors; the maximum voting time is calculated by 10 minutes. “The chairperson of the meeting shall announce the commencement of voting and the system will automatically shut down the voting process forthwith at the end of the specified voting time.”