KUALA LUMPUR: All public listed companies (PLCs) on Bursa Malaysia must hold hybrid or in-person general meetings from March 1, 2025.
This effectively brings the practice of virtual-only meetings, which came into practice during the COVID-19 pandemic, to an end.
The Securities Commission Malaysia (SC) and Bursa Malaysia Bhd announced via a joint statement today, the requirement will apply to all general meetings of PLCs on the Main and ACE Markets of Bursa Malaysia.
The two regulators said they were bringing the practice to an end after observing that more than 50 per cent of PLCs conducted fully virtual annual general meetings (AGMs) in the first half of 2024, despite the end of the pandemic.
SC chairman Datuk Mohammad Faiz Azmi said while fully virtual meetings served their purpose during the pandemic, it is time for PLCs to transition to hybrid or physical meeting formats.
"Shareholder meetings, especially AGMs, are important sessions to engage the board and management," he said. "Domestic and international investors have also expressed their preference for hybrid or physical meetings. It reinforces good governance by promoting transparency and accountability."
Bursa Malaysia chief executive officer Datuk Muhamad Umar Swift said the exchange fully supports the hybrid approach for striking the right balance between accessibility and engagement. "Leading by example, we ensure greater accessibility and inclusivity for all shareholders, to foster trust and a more engaging dialogue."
"Physical meetings preserve the sanctity of shareholder rights and ensure no one is excluded due to technological barriers," he said.
"While virtual participation enhances accessibility, PLCs should strive to hold general meetings in a hybrid model or at least in a physical format," Umar said.
"This ensures meaningful shareholder engagement, safeguardsshareholder rights, and upholds the integrity of the general meeting process," he added.
Bursa Malaysia will provide further details in due course.