The Jamaica Stock Exchange’s (JSE) application to have electronic annual general meetings (AGMs) for 16 of its listed companies has been approved by the Supreme Court.
The JSE was successful in its move to have the AGMs fully or partially electronic due to the coronavirus pandemic (COVID-19), which limited the number of people able to meet under government orders.
According to the JSE, the annual meetings are required to be held in person to allow shareholders to participate in matters related to the company, and where this is not possible, a court order is needed for an electronic version.
“The application was also based on the ground that it was impracticable for the companies to hold their 2020 annual general meetings in person given the ongoing pandemic and the social distancing and other requirements imposed on citizens as a result of its effects,” a JSE release said.
The ruling now means that the companies can have their AGMs via live stream or broadcast and allowing shareholders to participate and vote electronically before or at the meetings.
Additionally, the companies, which may have missed their stipulated deadlines for the meetings, now have until the end of the year to do so.
The court order does not extend to companies that were not part of the application.
The 16 companies that the JSE represented are Barita Investments Limited, Berger Paints Jamaica Limited, Caribbean Cement Limited, FosRich Company Limited, JMMB Group Limited, Lasco Distributors Limited, Lasco Financia Services, Lasco Manufacturing, Main Event Entertainment Group, Mayberry Investments, Sagicor Group Jamaica, Supreme Ventures, the JSE, Trans Jamaica Highway, Victoria Mutual Investments and Wigton Windfarm.