CAC brings back physical AGMS Jan.1,2023November 24, 2022
The Corporate Affairs Commision (CAC) has announced that its approval of the use proxies for Annual General Meetings have come to an end and that beginning from January1,2023 companies will begin to hold physical AGMs as a matter of law.It maintains that its Covid-19 regime comes to an end Dec.31, 2022.
CAC’s Registrar-General,A.G. Abubakar who opened up on this via his representative on the occasion of the launch of Independent Shareholders Association(ISAN) Academy Ltd Magazine and Seminar tagged”CAC Guidelines on Proxies AGMs Public Companies Post Covid:Matters Arising”said any approvals for AGMs must be used before end of next month.
Chairman of the occasion,Sir Sunny Nwosu however advised shareholders of companies that the end of Covid-19 regime of CAC should not make them result to rowdy tendencies at AGMs,saying that they should rather up-their shareholdings and respectability in their overall interest.
He said that the ISAN Academy and its magazine are all geared towards the education of retail investors and others for the betterment of the market.
Adegoke Adeleke of ISAN and a director of the Academy said that retail shareholders has to pull their weight in the capital market to ably play their role in the market,even as he praised the contribution of ISAN over the years in the capital market,saying that until shareholders can offer needed values to the market they will not be able to their roles as activists in the economy.
He praised Nigerian indigenous investors on how their investment on our market has ensued more stability of the economy,saying years ago when foreign investors controlled the market the economy suffered unnecessarily
The event was graced by Mrs Tinu Awe,CEO NGX Regulations, Seyi Owoturo,President Institute of Capital Market Registrars(ICMR),Cecilia Madueke of Julius Berger and other top sectoral leaders,who harped on the need for shareholders to more supportive of the directors and managers of their companies instead of focusing on pecuniary issues at general meetings.
The 2nd vice President of ICMR Mrs Catherine Nwosu maintained that despite envisaged changes by CAC that institutional investors would continue to prefer higbrid meetings and that changes would be needed to change the laws to accommodate everyone.