‘Technical issues’ foil Maybank AGM

KUALA LUMPUR: Malaysia’s two biggest banks, Malayan Banking Bhd and CIMB Group Holdings Bhd, were scheduled to hold their annual general meeting virtually today (Thursday).

They had a contrasting experience, though.

CIMB shareholders’ meeting went smoothly but Maybank had to shelve its 61st AGM at the eleventh hour due to “technical issues”.

This is arguably the first online AGM postponement involving Malaysia’s corporate.

Maybank, in a statement, said the deferment was due to technical issues faced by the remote participation and voting (RPV) facility provider, Tricor Investor and Issuing House Services Sdn Bhd.

Using the RPV facilities, shareholders can exercise their right to participate in the AGM, including posting questions to the board and management of the company and voting from the comfort of their home.

The postponement has raised questions on the reliability of AGMs being done online, a move that pushed companies to do so amid the unprecedented situation brought about by the Covid-19 pandemic.

Tricor, meanwhile, said it had identified the root cause of the downtime which had been duly rectified as well as tested for its efficacy.

“(Tricor) would like to express its deepest apologies for the AGM postponement due to a technical issue. The inconvenience to our clients and business partners is deeply regretted and all steps are being taken to ensure that all our forthcoming virtual AGM’s proceed smoothly.

“Tricor Malaysia will continue to forge ahead as well as develop our capacity and capability to spearhead the digital transformation of Corporate Malaysia,” it said in a statement.

On April 18 last year, the Securities Commission (SC) issued a guideline to ensure companies could continue to meet their obligations under the law and to shareholders during the Movement Control Order (MCO) period.

The Companies Act 2016 Section 340(2) requires public companies to hold its first AGM within six months from the date of its financial year end and not later than 15 months from the date of its last AGM.

But in light of the MCO, the SC and Bursa Malaysia had allowed flexibilities such as deferring their AGMs beyond the prescribed six-month period.

It also relates to broadcast venue, persons to be physically present and social distancing guidelines during the MCO period only.

Only eight essential individuals can be physically present at the broadcast venue – chairperson of the general meeting, chief executive officer, chief financial officer, company secretary, auditor and those providing audio-visual support.

“However, the SC stressed that listed issuers should try to conduct the fully virtual meeting with as few individuals present at the venue as possible,” the SC said.

In its statement, Maybank chairman Tan Sri Datuk Sri Zamzamzairani conveyed the bank’s deepest apologies to all shareholders for the inconvenience caused and would be notifying them of the new meeting date in due course.

“We appreciate that our shareholders had taken time to try to login today to follow the proceedings of the meeting and wish to assure all of them that we will be reaching out to them to update them of the next meeting arrangements,” he said in a statement today.

Maybank said the notice of the new meeting date would be announced to Bursa Malaysia in due course and would also be made available on www.maybank.com.

Source: NST