The Singapore Exchange (SGX) has announced that listed companies will soon be able to use electronic communication (e-communication) to transmit annual reports and other documents to shareholders.

This follows feedback from 18 respondents to SGX’s public consultation on the relevant amendments to the Mainboard and Catalist Listing Rules where a majority supported the proposal. Among supporters of e-communication, responses were however mixed on whether to adopt a deemed, implied, or express consent regime.

SGX, in its response to feedback received, stated that it was giving companies the flexibility to decide on the most appropriate e-communication regime to adopt for their shareholder base, subject to certain conditions to balance the needs of different stakeholders.

According to SGX, when the constitution of the company specifies that the deemed consent regime is in use and the company has given the shareholder the opportunity to choose within a specified period whether to receive electronic or physical copies, a shareholder who fails to make an election would be deemed to have consented to receive electronic copies.
“Implied consent is obtained when the constitution provides for the use of e-communication and that the shareholder shall agree to such a mode of communication without the right to elect to receive physical copies,” it said.
SGX said that where the shareholder does elect to receive electronic copies, or where express consent is given when both the company and the shareholder agree in writing that e-communication would be used, the company may send all documents, including notices, circulars and annual reports via e-communication.

For other shareholders who have given either deemed and implied consent, SGX said that hard copies of documents which allow shareholders to preserve or exercise their voting rights such as notices of meetings, forms and acceptance letters, must still be sent out, noting that shareholders could also expect letters notifying them of documents uploaded onto the company’s website and procedures on how to request hard copies of documents.

SGX stressed that as required by the Companies Act, physical copies of notices and documents relating to take-overs and rights issues must also be provided.

In addition, SGX said that it also issued responses to feedback on proposals regarding insurance coverage and indemnities for directors, restraint on exercise of voting rights, and the treatment of shares held by a subsidiary in its holding company.

Tan Boon Gin, Chief Regulatory Officer of SGX, said, “These changes to the Listing Rules will enable companies to increase the use of e-communication to a level best suited to their shareholders. We recognise that shareholders at the early stage should still receive physical copies of certain key documents and this has been provided for.  E-communication is timelier, more efficient and less costly so shareholders will benefit in the long run.”

Chng Lay Chew, Chief Financial Officer of SGX, said, “The use of e-communication with shareholders will help promote sustainability. SGX intends to do away with mailing out CDs for our FY2017 annual report and will write to shareholders to explain that the same information is available on our website. We will continue to make available physical copies of our annual report upon request and hope that over time, more shareholders will embrace e-communication as normal practice.”

SGX noted that it would amend the Listing Rules pertaining to e-communication of shareholder documents and other aspects from 31 March 2017.
The feedback received and responses from SGX can be found here.

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
You May Also Like

Man found guilty of abusing pet husky, fined $8,000

Chiam Choon San Alan (41) was fined $8,000 on Monday (23 Jan)…

退休年龄调高 企业忧虑需为高额医保成本买单

日前,总理李显龙宣布将在未来十年逐步把退休年龄和重新雇佣年龄,分别调高至65岁和70岁。他表示,认同年长雇员劳资政工作小组的建议,并全盘接受,自2022开始,逐步调高,退休年龄将调高至63岁;重新雇佣年龄则调整至68岁。 这意味着,若员工愿意,将可工作至法定退休年龄,而且公司不能强制要求员工在法定退休年龄前提早退休。同时也意味着,要确保年长雇员继续留在工作岗位,公司可能需为高额的医疗保险费买单。 由于退休年龄的延长,为减轻负担,公司总会“想方设法”在员工退休年龄前裁员。他们可以打着“缩减规模”的名义,将年长员工辞掉,而且一般而言,有好一部分专业人士、经理、执行人员及技师(professionals, managers, executives and technicians,简称PMET)难以从公司获得遣散费,因为他们并没有任何工会保护,亦不受工会法的保障。最终许多员工只好选择自动离职,因为比起获得裁员通知,他们自动离开反而能够不“危害”到他们未来的职涯。 更糟糕的是,一些以“缩减规模”的名义被裁减的PMET,最后发现其职位却被外国人所取代。2013年任职人力部长的陳川仁曾于国会上提出,新加坡人被以“缩减规模”的名义被辞退,后来发现他们的位置竟让被外国人替补,巧合的是,外国人的身份竟然与该公司的领袖是同一个国籍。 他直指,这些歧视的做法不应出现在任何工作场域,但要证明歧视的存在,也相对困难。他表明,界定出公司的措施是基于客观的需求,或是源自于个人喜恶并不容易,因为他了解“关系”在职场上是何等重要,他相信部分新加坡人在职场上经常遭遇不公平对待,因而深感愤怒。 此外,公司也会视情况简化员工的工作内容,并以低薪支付,这基本上等于迫使员工自动离职。 总理宣布调高退休与重新雇佣年龄,许多企业公司担忧,将来可能需要为年长雇员的高额医疗保险费买单。 一家保安公司的董事总经理Ponno…

两承包商因破坏总水管 共被罚7万7000元

两家建筑承包商被指破坏公用事业局食用水总水管,损失的食用水足可填满三个奥林匹克规格泳池,一共被罚款7万7000元。 公用事业局发文告指出,两家建筑公司:HSC水管工程公司和SNK工程与贸易公司,因为对公用事业局的食用水总水管造成破坏,而在去年8月各被罚款4万7000元和3万元。 公用事业局指损失的食水高达6400立方米,足可填满三个奥林匹克规格的泳池。 HSC公司被指在2016年12月17日,在兀兰大道8和兀兰大道9交叉口的工地,进行地下顶管施工时,破坏了1200毫米的总水管。该公司被指在施工前,理应先检测该地下水管的具体方位、深度和长度,还要向公用事业局请求批准施工。 然而, HSC并未先确认总水管的方位,致使探入地下的顶管机击中总水管。公用事业局被迫关闭该总水管,致使附近一带商业区水工中断而遭投诉。对此该局以《公用事业法》第47A(1)(b)项起诉HSC。 文告指HSC也有“前科”,在2013年6月曾损毁一个150毫米直径的水管,而被罚款3千元。 至于SNK公司则被指在2017年10月2日,于丝丝街的工地破坏了直径300毫米的总水管。作为分包商的SNK受聘拆除在该处拆除现有排水沟,并建造新的水沟和人行道,但却凿穿了上述水管,造成360立法米的水源损失。 公用事业局指有关公司在接近水管处施工,却未遵守该局的防护条例以减低意外风险。对此,以《公用事业法》第47A(1)(b)项,对SNK施以罚款。 公用事业局水源供应(网络)总监瑞端指出,总水管是非常重要的设施,让经过滤处理的水能输送到住宅和商业区,对此严厉关注任何破坏总水管的行为。总水管损坏会对民众造成极大不便,对此呼吁所有承包商在有铺设总水管的地区施工时,理应谨慎和小心。

PV’s Leong Sze Hian wants to improve transparency and accountability in Parliament

Leong Sze Hian, a member of People’s Voice (PV) and its candidate…