How to Hold an EGM in Singapore

How to Hold an EGM in Singapore 如何在新加坡召开特别股东大会

What makes an Extraordinary General Meeting (EGM) “extraordinary”?  什么使特别股东大会(EGM)“特别”?

As a small business owner, you would have heard of Annual General Meetings (AGMs) since every company is required to hold one every year, but may still be unsure about what an EGM is. 作为一位小企业主,你可能听说过年度股东大会(AGMs),因为每个公司都被要求每年举行一次,但可能仍然不确定什么是特别股东大会(EGM)。

AGM vs EGM 年度股东大会vs特别股东大会

Typically, the AGM is a meeting for directors and shareholders of a company to present and decide on prescribed matters. Some of these compulsory matters stipulated in the Companies Act (CA) include: 一般来说,股东年会是公司董事和股东就规定事项进行陈述和决定的会议。《公司法》规定的一些强制性事项包括:

  • Directors presenting the company’s financial statements; 董事提交公司的财务报表;
  • Auditors reporting the financial statements to the members; 审计员向成员报告财务报表;
  • Appointing or re-appointing an auditor for the next upcoming year. 任命或重新任命下一年度的审计师。

Unlike the AGM which is compulsory, the EGM is a meeting convened in the event important business matters requiring shareholder approval surface. Since some matters may require approval some time before the next AGM, it may not be advisable to wait until then. 与强制性的年度股东大会不同,特别股东大会是在重要业务事项需要股东批准时召开的会议。由于有些事项可能需要在下一年度股东大会前一段时间得到批准,所以最好不要等到那时。

EGMs can thus be convened. Such agendas may include altering the company’s constitution, or an election for new directors or board members etc. 因此,可以召开特别工作组会议。这些议程可能包括修改公司章程,或选举新董事或董事会成员等。

Who Can Call an EGM? 谁能召集特别股东大会?

The board of directors and members of the company may call an EGM. In fact, there are 2 options in which members may call for an EGM: 董事会和公司成员可以召集特别股东大会。事实上,有两种成员可以召集特别大会的选择:

  • Any members holding at least 10% of the total number of voting shares can call on the directors to convene an EGM; or 持有至少10%有表决权股份的任何成员均可要求董事会召开临时股东大会;或者
  • 2 or more members holding at least 10% of the total number of issued shares can call an EGM. 两名或两名以上持有至少10%已发行股份的成员可召集特别大会。

Generally, the first option is preferred since it would be easier for the directors to notify and convene the meeting instead of having the individual members notify all other members under option (2). 一般而言,首选第一种方案,因为董事更容易通知和召集会议,而不是方案(2)下的让个别成员通知所有其他成员。

The court also has the power to order an EGM, where it is “impracticable” to call or conduct a meeting in the usual manner. Some of the recognised situations include: 最高法院也有权下令召开特别股东大会,但以通常方式召集或召开会议是“行不通的”。一些被认可的情况包括:

  • The inability to meet quorum requirements; 未能达到法定人数要求;
  • Deadlock in day to day management 日常管理陷入僵局

Notifying the Company of an EGM 通知公司召开特别股东大会

In order to successfully hold an EGM, the company is obliged to give written notice of the EGM to its members. For private companies, a minimum notice period of 14 days is required for all meetings. 为了成功地举行特别股东大会,公司有义务向其成员发出特别股东大会的书面通知。对于私营公司,所有会议的最低通知期为14天。

If your company finds the need to have a shorter notice period, it is possible if a majority of the members who together hold at least 95% of the total voting rights agree to it. 如果你的公司发现需要一个更短的通知期,如果大多数成员共同持有至少95%的总投票权那是可能的。

In the notice, sufficient information of the proposed business matter of the EGM must be provided. The date, place and time of the meeting should be clearly stated in the notice. The notice should also contain the agenda of the EGM to inform members of the business matters to be discussed at the meeting. 在公告中,必须提供足够的资料,说明拟议的特别股东大会的业务事项。会议的日期、地点和时间应在通知中写明。通知还应包括特别股东大会的议程,将会议上要讨论的业务事项通知各成员。

Such notices may be made by registered post. Otherwise, electronic transmissions such as emails or publication on the company’s website are acceptable. This is provided your company’s constitution expressly prescribed the use of such electronic transmissions. 此类通知可以通过挂号邮寄。否则,电子邮件或公司网站上的出版物等电子信息传输都是可以接受的。这种电子传输在贵公司的章程里有明文规定使用。

What Constitutes a Valid EGM? 什么是有效的EGM?

In order for the EGM to be properly constituted, the quorum must be met. The quorum refers to the minimum number of members entitled to vote who must be present during the meeting. Most company constitutions would specify the quorum for meetings. 为了正确地成立特别股东大会,必须满足法定人数。法定人数是指有权投票的最低成员人数,他们必须出席会议。大多数公司章程都会规定开会的法定人数。

If the company constitution does not specify the quorum, the minimum number of members who must be present in person is 2, as stated in section 179(1)(a) of the CA. 如《公司章程》没有订明法定人数,则必须亲自出席的最少人数为两人,如《公司法》第179(1)(a)条所述。

After the EGM 特别股东大会之后

The voting outcome of an EGM is generally revealed by the end of the meeting. Thus, whether or not the resolutions have been passed would be known by the end of the EGM. 特别股东大会的投票结果通常在会议结束时公布。因此,这些决议是否通过将在特别协调员会议结束时得知。

However, for certain situations, there are steps to take after an EGM to make official the resolution(s) passed. 但是,在某些情况下,需要在特别股东大会之后采取步骤来正式通过决议。

One example is when a company is wound up voluntarily by passing a special resolution at an EGM. A copy of the special resolution must be lodged with the Accounting and Corporate Regulatory Authority (ACRA) within 7 days. 一个例子是,一家公司通过在特别股东大会上通过一项特别决议而自愿清盘。特别决议的副本必须在7天内送交会计和公司监管局(ACRA)。

Further, a notice of the same resolution must be published in at least one newspaper in Singapore within 10 days. Only then can a liquidator be appointed by the directors to commence voluntary winding up proceedings. 此外,同一决议的通知必须在10天内至少在新加坡的一家报纸上刊登。只有在此情况下,董事才可委任清盘人展开自愿清盘程序。

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