Singapore regulators seek feedback on legislation permitting virtual meetings

The proposed amendments would allow companies to conduct fully virtual or hybrid meetings, according to a statement by the Accounting and Corporate Regulatory Authority (ACRA), the Ministry of Finance (MOF), and the Monetary Authority of Singapore (MAS). The consultation comes ahead of temporary measures allowing virtual meetings to take place in the context of the Covid-19 pandemic coming to an end.

If passed, the amendments would apply to the existing Companies Act, Variable Capital Companies Act and the Business Trusts Act.

Mayumi Soh of Pinsent Masons MPillay, the Singapore joint law venture between MPillay and Pinsent Masons, said: “Business environments today are changing rapidly, and increasingly geared towards a virtual one. The proposed amendments will help companies in Singapore keep abreast with global trends.”

In April 2020, the Covid-19 Temporary Measures (Alternative Arrangements for Meetings Orders) were introduced, allowing companies in Singapore to hold virtual meetings temporarily. The orders were expected to expire by September 2020, but were extended by the Ministry of Law (MinLaw) given the continuing Covid-19 situation.

However, in December 2022, MinLaw announced that the orders would cease on 1 July 2023. The consultation on permanent measures has therefore been launched before the temporary order to allow virtual meetings is withdrawn and closed on 20 February.