“The government will now therefore, through these amendments, provide the options for companies to vary the modality of their general meetings, as a rule, and of course by simplified process a decision was taken to amend the companies Act to: (a) provide for the holding of any annual meeting, including the AGM, or an extra-ordinary general meeting as a virtual only or as an hybrid meeting, where this is not expressly prohibited by the articles of a company,” she said. And as s a result some companies have been seriously challenged to hold their AGM in compliance with the Act. She said that compliance had proven difficult for companies which have shareholders larger than the number of persons permitted by the DRMA Orders for public gatherings. “In the private sector, the holding of AGMs by the companies has been particularly affected, but has mandated by Section 126 of the Companies Act, a company must hold an AGM within 15 months of their last meeting,” she explained. She said that the six-foot apart social distancing protocol had been affecting public activities within both the public and private sectors, despite being necessary in light of the fact that the coronavirus “moves only when people moves” and accordingly the movement of people and gatherings had to be curtailed by legislation. Senator Johnson Smith, who is also Minister of Foreign Affairs and Foreign Trade, informed the Senate that it had become necessary to turn to these virtual and hybrid meetings, in order to manage and curtail the spread of the COVID-19 pandemic, as required under the provisions of the Disaster Risk Management Act (DRMA) primarily in terms of the need for social distancing. Leader of Government Business, Senator Kamina Johnson Smith, informed the Senate that the Bill provides for the holding of both virtual and hybrid Annual General Meetings (AGMs) and extra-ordinary general meetings for stakeholders in businesses.
#HEAVY RAIN RULE 34 FULL#
KINGSTON, Jamaica - The Senate on Friday gave full support to a Bill entitled, The Companies (Amendment) Act, 2021, approving the government's support for virtual and hybrid general business meetings.