The Securities Commission Malaysia (“SC”) issued a media release on 30 August 2024 requiring all companies listed on the Main Market or the ACE Market of Bursa Malaysia (“PLCs”) to hold their general meetings by way of hybrid or physical meeting format from 1 March 2025.
 
As a result of the Covid-19 pandemic, PLCs were allowed to conduct general meetings in fully virtual format. According to the media release, more than 50% of PLCs still conducted fully virtual annual general meetings in the first half of 2024 despite the end of the pandemic. The SC Chairman, Dato’ Mohammad Faiz Azmi, observed that although fully virtual meetings served their purpose during the pandemic, it is time for PLCs to transition to hybrid or physical meeting formats.
 
Dato’ Mohammad Faiz added that “Domestic and international investors have also expressed their preference for hybrid or physical meetings. It reinforces good governance by promoting transparency and accountability.”
 
Datuk Muhamad Umar Swift, the Chief Executive Officer of Bursa Malaysia said, “The Exchange fully supports the hybrid approach as it strikes the right balance between accessibility and engagement.” Datuk Muhamad Umar Swift added that physical meetings preserve the sanctity of shareholder rights and ensure no one is excluded due to technological barriers, and that while virtual participation enhances accessibility, PLCs should strive to hold general meetings in a hybrid model or at least in a physical format.
 
According to the SC’s media release, further details will be provided by Bursa Malaysia in due course.
 
To access the SC’s media release, please click here.
 
Alert by To’ Puan Janet Looi (Partner) and Siti Ayenaa Binti Mohd Anis (Associate) of the Corporate Practice of Skrine.