Glass Lewis recently submitted feedback to SGX RegCo (Singapore Exchange Regulation) in response to a consultation paper on facilitating shareholder-requisitioned meetings. In particular, the consultation revolves around issuers providing reasonable assistance in facilitating shareholder-requisitioned meetings or seeking a court ruling when the validity of the requested meeting is disputed. The proposed assistance or court injunction are to be completed within a timeline of 21 days.
Our position broadly aligns with the stipulation suggested by SGX RegCo, with caveat that the provision of additional details on the “reasonable efforts” that an issuer must provide to shareholders to facilitate the general meeting would serve to minimise disagreements between issuers and shareholders. We also raised concerns with potential interpretations of the timeline, as worded.
For further details, please see our full response.