The Accounting and Corporate Regulatory Authority (ACRA), the Ministry of Finance (MOF), and the Monetary Authority of Singapore (MAS) have proposed legislative amendments to the Companies Act 1967 (CA), Variable Capital Companies Act 2018 (VCC Act) and the Business Trusts Act 2004 (BTA), to enable the conduct of general meetings by electronic means.
The public is invited to provide feedback on proposed amendments, which will provide companies, variable capital companies, and business trusts the option of conducting fully virtual or hybrid general meetings when the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings) Orders are revoked with effect from July 1, 2023.
The public consultation exercise will run from February 9-20, 2023. The public can access the public consultation documents, including the draft Companies, Business Trusts, and Other Bodies (Miscellaneous Amendments) Bill 2023, on the REACH consultation portal. The public consultation documents are also available on ACRA, MOF and MAS websites.
Interested parties can submit their comments via email to MOF_Public_Consultation@mof.gov.sg by indicating “Public Consultation on Companies, Business Trusts, and Other Bodies (Miscellaneous Amendments) Bill 2023” in the subject line by February 20, 2023.