KARACHI: In the light of the government’s restrictions on public gatherings and Securities and Exchange Commission of Pakistan (SECP)’s cautions due to Covid-19 (coronavirus) outbreak, the Askari Bank Limited on Tuesday sought approval of Pakistan Stock Exchange for holding its 28th Annual General Meeting (AGM) under webinar arrangements.
In a statement sent to the Pakistan Stock Exchange, the bank informed the PSX that its AGM is planned for March 27, 2020 at Topi Rakh Complex (Galaxy Hall) Rawalpindi for which a notice has already been published on March 03, 2020.
The Askari Bank further explained to the PSX, “Under this arrangement, directors will consolidate their presence, attendance, and voting into a few people through proxies at Askari Bank Board Room located at Head Officer F-8 Markaz Islamabad along with the attendance of the President & CE, Company Secretary and other officials required to attend the AGM at 10:00 am on March 27, 2020.
A video link of the Board room will be notified to all shareholders through a newspaper advertisement and they will be able to log in and participate in the AGM proceedings through their smartphones or computer devices from their homes or any convenient location after completing meeting attendance formalities. For this purpose, shareholders interested in attending 28th AGM will be requested to get their particulars registered with Company Secretary at least 24 hours before the time of AGM and they will be provided with a security key permitting requisite access.”
“The bank undertakes that the quorum provisions of the AGM shall be honored and the minutes will be kept as per regulatory requirements without change,” the statement added.
It is pertinent to mention here that in light of the threat posed by the evolving Covid-19 (coronavirus) and to protect the wellbeing of shareholders, the SECP has advised all the companies to modify their usual planning for annual general meetings.
Meeting of the board of director may also be held through tele/video conferencing, said a press release issued on Wednesday. The SECP has recommended all companies to consider and evaluate the risks in the present situation. Every company is required to hold an annual general meeting (AGM) within sixteen months from the date of its incorporation and thereafter once in every calendar year within a period of 120 days following the close of its financial year.
As AGM season for December end companies is approaching, the directors and secretaries should modify their usual planning for their company’s AGM in light the threat posed by the evolving COVID-19 situation.