Changes in listed company rules to allow virtual AGMs
Monday, June 8, 2020 0:01
By PATRICK ALUSHULA
Shareholders at a Britam Holdings annual general meeting in Nairobi in 2019.
PHOTO | SALATON NJAU | NMG
Listed firms are now changing their regulations to allow for virtual annual general meetings (AGMs) to accommodate realities such as Covid-19 that have made large physical gatherings impossible.
Listed firms such as BAT Kenya #ticker:BAT, Absa #ticker:ABSA, Stanbic Bank #ticker:CFC and KCB Group #ticker:KCB are now changing their articles to allow for future digital meetings without requiring special approval.
BAT Kenya has informed shareholders that it wants to delete the existing AoA and replace with a new one that allows virtual meetings upon approval by shareholders.
Other firms such as Total Kenya have, however, left their AoA intact and are going to ride on the High Court order to hold AGMs while several companies such as Limuru Tea and Eveready suspended their annual meetings and are yet to give a new date.
