COVID-19: NSE Advises Companies to Put Adequate Precautionary Measures In Place Ahead of 2020 AGMs


Thursday, March 19, 2020 /05:17 PM / by NSE / Header Image Credit: Twitter; @nsenigeria


Following the outbreak of the Novel Coronavirus (COVID-19) and pursuant to the provisions of Rule 19.1: Rules Relating to Board Meetings and General Meetings of Issuers, Rulebook of The Exchange, 2015 (Issuers' Rules), The Nigerian Stock Exchange (The Exchange) wishes to advise all listed companies that plan to hold their Annual General Meetings (AGM) to put in place adequate precautionary measures to ensure the safety of all stakeholders at the meetings. 


The Nigeria Centre for Disease Control (NCDC) has issued a guidance document on safe mass gatherings in Nigeria. A copy of the guidance document is attached for your ease of reference. This document can also be found on the NCDC website.


The Exchange is aware that some listed companies have already scheduled their AGMs to hold in the near future. Such companies are advised to adopt the safety procedures provided by the NCDC in preparation for their AGMs and these procedures should be adequately communicated to all invitees to the AGM. 


For listed companies that wish to postpone their AGMs or are  yet to schedule their AGMs, The Exchange wishes to draw their attention to Rule 19.4(d) Responsibility of the Directors/Trustees in Relation to General Meetings, Rulebook of The Exchange, 2015 (Issuers' Rules), which provides that "if an Issuer fails to hold its annual general meeting within nine (9) months from the end of its financial year end or within such extended period as may be approved by the Corporate Affairs Commission; the Issuer shall file a report with The Exchange within ten (10) business days of the end of the stipulated period explaining the reasons for their default; and they shall make an announcement in that regard in at least two (2) national daily newspapers within five (5) business days of receiving The Exchange's approval to make the announcement" and Section 213(1) of the Companies and Allied Matters Act, L.F.N 2004 (CAMA) which provides that "Every company shall in each year hold a general meeting as its annual general meeting in addition to any other meetings in that year, and shall specify the meeting as such in the notices calling it; and not more than 15 months shall elapse between the date of one annual general meeting of a company and that of the next. Issuers are therefore advised to utilize the windows provided by these rules as may be appropriate while planning their AGMs. Moreover, in appropriate cases, companies may have recourse to Section 213(1)(b) of CAMA which permits the Corporate Affairs Commission to extend the time within which an AGM may be held by a period not exceeding three (3) months.


In addition, The Exchange will engage other regulatory authorities in a bid to provide further guidance to listed companies in relation to steps to be taken in dealing with COVID-19. 


The Exchange advises all listed companies to strictly adhere to communications and advice from the health authorities at the NCDC, World Health Organization (WHO) and Lagos State and Federal Ministries of Health in the effort to tackle this dreaded virus.


Proshare Nigeria Pvt. Ltd.


Related News

  1. VANLEER Postpones AGM Due to Corona Virus Outbreak
  2. Upcoming AGMs in 2015: Companies That Have Made it Known; Expect More Soon
  3. Beyond the Routine AGMs–Recalibrating the Nexus between Directors & Minority Shareholders-TNI Q4/E5
  4. NSE Amends Rules Relating to Board Meetings and AGMs; SEC Nods


 Proshare Nigeria Pvt. Ltd.


Related News - #Coronavirus

  1. Can the Nigerian Economy Survive the Virus?
  2. What's Really Happening In Oil Markets?
  3. COVID-19: Lagos and Ogun States Ban High Density Social Gatherings
  4. Banks Bring Down Cost-to-income ratios As Industry Margins Tighten
  5. NCDC Releases Self Isolation Guidance for Nigerians
  6. COVID-19: CBN to Inject N1trn Stimulus Across Critical Sectors of the Economy
  7. Coronanomics: ICIEC Pledges $150m In Insurance Coverage For OIC Members
  8. Coronanomics: Figuring Out CBN's Recent Policy Intervention
  9. Oil Price Plunge to Pressure US Energy States and Locals
  10. Coronavirus to Weaken Sovereign Fiscal Positions; Track Record Matters
  11. FG Restricts Entry Into Nigeria from 13 Countries; Suspends Issuance of Visa on Arrival
  12. UK Foreign Office Issues Travel Advice Against Non-Essential Travel Worldwide
  13. Fed Actions, US Banks Discount Window Use Prudent Amid Turmoil
  14. CBN Policy Measures In Response to COVID-19 Outbreak and Spillovers
  15. Coronavirus Containment Actions Pose Material Risk to Global Structured Finance
  16. Federal Reserve Cut Rates to Support the Flow of Credit to Households and Businesses
  17. World Bank Group Increases COVID-19 Response to $14bn To Help Sustain Economies, Protect Jobs
  18. There Is No Systemic Risk - Feedback From Goldman Sachs' Conference Call Held Sunday
  19. Coronavirus Containment Actions Pose Material Risk to Global Structured Finance
  20. Africa CDC Policy Recommendation for AU Meetings and Travel During COVID-19 Outbreak
  21. Africa CDC Guidance on Community Social Distancing During COVID-19 Outbreak
  22. COVID-19 and the Nigerian Economy: Backed to the Wall
  23. Coronanomics: Inside Nigeria's Stock Market Response
  24. Coronavirus: IsDB President Calls For Coordinated Efforts To Tackle Pandemic
  25. Coronavirus: FG to Review Budget as Oil Price Plunges
  26. Potential Impact of the Coronavirus Epidemic: What We Know and What We Can Do
  27. World Bank Group Announces Up to $12bn Immediate Support for COVID-19 Country Response
  28. China's Official Manufacturing Index Crashed from 50.0 to a Record Low of 35.7 In February 2020
  29. FG Inter-Ministerial Meeting Reviews Strategies On Containing Coronavirus
  30. Arbitrary Increase in Prices of Protective and Hygiene Products on Account of Coronavirus Concerns
  31. Coronanomics: Understanding The Darker Side of A Virus's Economic Downside
  32. Coronavirus: Establishing The Nexus Between A Bug and Global Equity Markets
  33. WHO Director-General's Opening Remarks at the Media Briefing on COVID-19
  34. First Case Of Coronavirus Confirmed In Lagos
  35. COVID-19 Refinancing Risk Elevated for 6% of Rated China Corps
  36. Global Ports Vulnerable to Coronavirus-Related Volume Declines
  37. The First Innovative Corporate Bond Supporting Anti-Epidemic Is Given The Green Light To Issue
  38. Coronavirus May Add to Liquidity Strain for Some APAC Corporates
  39. Coronavirus Set to Dampen China's Economic Growth
  40. What Coronavirus Means for Investors
  41. Coronavirus Raises Risks for China Toll Road Operators
  42. Coronavirus Could Push Global Oil Market into Surplus
  43. Airlines Face Growing Pressure From The Coronavirus
  44. Coronavirus' Severity Will Frame Effect on Corps, Sovereigns
  45. China Government Suspend Equity Market Trading to Prevent Sell-Off

Proshare Nigeria Pvt. Ltd.

Related News