KUALA LUMPUR (March 16): Companies may opt to conduct their annual general meetings (AGMs) electronically or apply for more time to hold such meetings as the Covid-19 outbreak rages unabated, says the Companies Commission of Malaysia or SSM today.

In a statement, it acknowledged that companies will find it challenging to hold their AGMs on a timely basis under the current situation, especially given the Health Ministry's advisory to refrain from holding public events after the World Health Organisation's declaration that the new coronavirus is now a pandemic.

"In view of this, SSM encourages companies to observe and exercise all necessary precautions during this challenging time to ensure that the well-being of the public is a priority whilst complying with their regulatory obligations.

"Hence, companies are encouraged to consider all available options including conducting meetings using alternative methods such as electronic meetings at multiple venues as provided under Section 327 of the Companies Act 2016.

"Alternatively, companies may also apply for an extension of time to extend the period to hold its annual general meeting to a time period longer than six months from its financial year end," it said.

The basis for the extension application are: 

Meanwhile, it urged the public to avoid using SSM's counter services for company-related transactions, but to use its online services instead, which are provided at:

"SSM will continue to monitor the developments of the Covid-19 outbreak and will update the public on SSM’s decisions accordingly. Please do not hesitate to contact the SSM Contact Centre at 03-7721 4000 or email [email protected] if you require further clarification on this matter," it added.