Indranee Rajah on Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill

During the pandemic, the Government introduced temporary legislation to provide greater clarity to enable companies, business trusts and variable capital companies to hold meetings virtually to minimise the risks of COVID-19 transmission. The temporary legislation will cease on Jul 1. After that, companies can opt to conduct fully virtual or hybrid general meetings if they prefer to do so. Due to the use of technology, some virtual hybrid meetings may encounter technical issues that may be beyond the control of the entities. Under the amendments, such technological disruptions will not cause a meeting to be invalidated. However, there will be safeguards for shareholders to apply to the court if these technical issues result in substantial injustice. Second Minister for Finance Indranee Rajah said this in Parliament on Tuesday (May 9), as she outlined the proposed changes to ensure that the Companies Act keeps pace with changing market conditions and technologies, while upholding market confidence and safeguarding public interest. She said the amendments will ensure that companies operate in a responsible and ethical manner, with the focus on long-term value for all stakeholders.