New online calendar spreads out AGM dates this month

There is now a calendar online for listed companies to indicate tentative annual general meeting (AGM) dates.

The Singapore Exchange (SGX) and the Chartered Secretaries Institute of Singapore (CSIS) came up with the service in response to feedback that too many AGMs are clustered around the last two weeks of April.

The calendar is hosted on the website of CSIS, previously known as The Singapore Association of The Institute of Chartered Secretaries and Administrators. If AGMs were more evenly spread through the month, investors would be able to attend more meetings to cast their votes, said the local bourse and CSIS in an announcement yesterday.

So far, 97 companies have scheduled AGMs this month.

The clustering of AGMs is common in many markets, as financial years tend to end in December. About 60 per cent of Singapore-listed companies end their financial year on Dec 31 and have up to April 30 of the following year to hold their AGM.

The calendar aims to help companies schedule AGMs on days which are either free or have fewer AGMs taking place.

Companies are also encouraged to have webcasts or video conferences of their AGMs, if possible, said SGX and CSIS.

"Active shareholder participation is important for our disclosure-based regime and (for) the market to progress," said Mr Tan Boon Gin, the chief regulatory officer at SGX.

CSIS chairman Tan Wee Liang said it can be difficult to coordinate AGM dates to ensure they are not clustered together, which is why the calendar is expected to be useful.

The calendar can be found at: http://saicsa.org.sg/english/news/calendar.asp

A version of this article appeared in the print edition of The Straits Times on April 01, 2016, with the headline 'New online calendar spreads out AGM dates this month'. Print Edition | Subscribe