One of the amendments is to require listed issuers to ensure that their constitutional documents would enable them to hold hybrid general meetings and provide electronic voting, to the extent permitted by the laws and regulations applicable to them (the “Amendment”). In this regard, listed issuers may need to amend their constitutional documents for the purpose of the requirement, subject to approval by shareholders. The amendments for constitutional documents include: (a) to remove any provision in their constitutional documents that has the effect of preventing the holding of hybrid general meetings and the use of electronic voting; and/or (b) to include express provisions that enable hybrid general meetings and electronic voting in their constitutional documents. Listed issuers should also have due regard to the requirements set out in the core shareholder protection standards, and put in place measures to ensure that securities holders’ rights to speak and vote be maintained if they choose to hold hybrid general meetings.
The Amendment will be effective on 10 February 2025. Listed issuers will have a transitional period until their first annual general meeting held after 1 July 2025 to amend their constitutional documents if any amendment is necessary.
We recommend that listed issuers and new listing applicants should review their constitutional documents and if necessary, consult their legal advisers to early address and prepare any necessary amendments to their constitutional documents to enable them to hold hybrid general meetings and allow electronic voting.
