Nairobi Securities Exchange (NSE) listed companies will have to obtain a no-objection order from the Capital Market Authority (CMA) before setting up virtual shareholder meetings. This was after WPP Scan Group Plc sought court’s option on Article of Association, which restricted listed firms to hold virtual general meetings. According to the CMA Acting chief executive, Wyckliffe Shamiah, the regulator will process all complete applications received from issuers within fourteen days and hence listed companies must factor in this time as they plan for their AGMs. ''Upon receipt of a no objection, issuers are at liberty to issue a 21-day statutory notice of the intended general meeting to its shareholders,’’ Shamiah said. CMA has also agreed with stakeholders to waive the need for listed companies and market intermediaries to publish their financials in newspapers and the flexibility to use websites and social media channels instead.

Source: The Star June 09, 2020 01:52 UTC