- Who is affected
- Directors and management of SGX-listed issuers, and their sponsors and advisers.
Summary
BACKGROUND SGX RegCo published a Regulator’s Column on 27 April 2023, outlining the relevant rules and regulations governing shareholders’ requisitioned meetings, procedural requirements and recommended actions to be taken by the Board in response to requisition notice. When a shareholder or a group of shareholders (known as “Requisitionists") wants to bring specific matters to the attention of other shareholders, they may request a general meeting (referred to as "Requisitioned Meetings"). The resolutions presented at Requisitioned Meetings can be for various reasons, but as noted in the Regulator’s column, they primarily involve (1) the removal or replacement of the entire Board or specific directors, or (2) the initiation or termination of specific transactions. * The validity of Requisitioned Meetings is based on the governing law
CONVENING A REQUISITIONED MEETING* applicable to the company. In Singapore, the relevant provisions can be found in Sections 176 and 177 of the Companies Act.
This update is a summary of publicly available regulatory guidance prepared by SAC Capital Private Limited for general information. It is not legal advice. Issuers should refer to the SGX Listing Rules and consult their sponsor or legal adviser.