Covid-19 Contingency Planning For AGMs

ICSA and the FRC have recently issued a guidance note on AGMs and the impact of Covid-19.  The FCA have also commented on the matter in a recent market bulletin.  Matheson has had discussions with several Irish issuers on contingency planning.  This note summarises our advice.

Our Advice in Current Circumstances

Proxy

• Encourage shareholders to submit their votes in advance of the meeting by proxy and discourage attendance.  In circumstances of a global crisis, the guidance of the WHO and national government to restrict social contact should prevail over shareholders rights to participate at meetings.
• Ensure the form of proxy provides for alternate proxy holders and allows any of the designated proxy holders to appoint a substitute.  This will mitigate the risk of a proxy holder becoming unavailable at short notice.