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Annual General Meeting season is underway in Oman and the Capital Market Authority of Oman has responded to the restrictions brought about by social distancing in the light of COVID-19 with a defining set of rules to assist public joint stock companies and investment funds in holding general meetings “virtually”.
The rules are set out in the Capital Market Authority’s Decision number E/25/2020 (“Rules”) and the key themes are stated below:
The Rules make clear that voting electronically is treated in the same way as being personally present, the latter of which is still available to those who wish to be physically present at the meeting. The effect of this is that votes that are cast electronically remain binding on the company. The voting platform will be provided by the Muscat Clearing and Depository Company which will manage the calculation of votes in respect of each agenda item.
All public joint stock companies must implement the electronic voting platform for their upcoming annual general meeting and shareholders will need to ensure that their details registered with the Muscat Clearing and Depository Company are accurate to ensure that they are able to access the electronic portal efficiently.
Al Tamimi & Company’s market leading corporate commercial practice in Oman is available to act as legal representative at your general meetings, as required by the Capital Market Authority rules and regulations. We would be pleased to provide further guidance on the electronic platform that has been implemented by the Muscat Clearing and Depository Company.