SEC Allows Alternative Mode for Distribution of Documents for Annual Stockholders’ Meetings for 2020 for Publicly-listed Companies and Other Companies with Registered Securities
The Securities and Exchange Commission (“SEC”) has issued a Notice dated 20 April 2020 (“Notice”) on the alternative mode for distributing and providing copies of the notice of the meeting, information statement, and other documents in connection with the holding of an Annual Stockholders’ Meeting (“ASM”) for 2020.
The Notice provides that publicly-listed companies and other companies with registered securities under the supervision of the Markets and Securities Regulation Department that will hold their ASMs for 2020 are allowed to notify their stockholders about the ASM by causing the publication of the notice of the ASM informing the shareholders of the following:
1. Date, time and place of meeting and other information as may be required under the Revised Corporation Code, other issuances of the SEC or by-laws of the company; and
2. The availability of electronic copies of the Information Statement, Management Report, Annual Report and other pertinent documents, as may be necessary under the given circumstance, in the company’s website and PSE Edge.
The notice of the ASM shall be published in the business section of two (2) newspapers of general circulation, in print and online format, for two (2) consecutive days, provided that the last publication of such notice shall be made no later than twenty-one (21) days prior to the scheduled ASM.
Compliance with the foregoing shall be considered fulfillment of the requirements on the distribution and provision of the aforementioned documents as required under the 2015 Implementing Rules and Regulations of the Securities Regulation Code, Revised Corporation Code and other applicable issuances of the SEC.