New CMA Virtual General Meeting Guidelines Issued

Oman’s Capital Market Authority (CMA) has issued new virtual general meeting guidelines. The guidelines apply to meetings of Public Joint Stock Companies and Investment Funds. In addition to Oman Capital Market Authority Decision No. E/25/2020, the Authority has issued Oman Capital Market Authority Decision No. E/8/2020 which explains the procedures to be followed in organizing these general meetings. The General Meeting agenda will be submitted to the Authority electronically and they will then approve it. Shareholders will be able to review the meeting agenda and notice online and shareholders will be able to vote remotely on the resolutions. Shareholders will be able to register their votes online on the proposed resolutions three days before the scheduled General Meeting date. However, the vote can be changed during the meeting but before the voting is closed by the meeting’s Chairman. The notice of the meeting must be given ten days before the meeting instead of the previous requirement for 15 days. Once the meeting has been approved, these entities will then have to liaise with the Muscat Clearing and Depository Company to host their meeting on their electronic platform to enable virtual viewing of agenda voting on resolutions and remote participation by shareholders. A link to view the agenda and an invitation to attend the meeting will be sent by Company to the mobile numbers and email addresses registered by Investors with them.

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