Listed companies may soon need to start making efforts to facilitate general meetings within 21 days of shareholders delivering a requisition notice, under a change proposed by the Singapore Exchange Regulation (SGX RegCo).
If the company disputes the validity of the requisition notice, it must apply for a court ruling within the same timeline, the regulatory arm of SGX said on April 23.
This proposed change to listing rules is aimed at improving boardshareholder engagements and helping shareholders exercise their rights, said SGX RegCo chief executive Tan Boon Gin.
"If investors have a stronger say, companies will be more motivated to consider their interests by improving both operational performance and shareholder returns. By enabling the convening of general meetings, we empower shareholders to drive change and exercise market discipline," he said.
Currently, the listing rules do not impose any specific obligations on issuers when their shareholders have requisitioned a general meeting.
Mr Tan said: "Shareholder-requisitioned meetings are a key channel for shareholders to seek and obtain support of their proposals for companies. This may be particularly important if what they want differs from the current board and management's thinking."
The proposed rule change on shareholder-requisitioned meetings is also part of SGX's "value-focus" approach to improve the state of the securities market in Singapore by encouraging market discipline, he said.
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