SEC Clarifies on Prohibition Of Gifts At General Meetings

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Friday, March 27, 2020 /10:12 AM / by SEC Nigeria / Header Image Credit: Eagle Online


The Securities and Exchange Commission wishes to clarify the application of Rule 602 (4) of its Rules and Regulations.


Rule 602(4) states that "public companies shall not distribute gifts to shareholders, observers and any other person at Annual General Meetings/Extra-Ordinary General Meetings"


The Commission considers it necessary to clarify that "light refreshment" are not construed as "gifts".


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