CMA Launches Awareness Campaign for General Meetings of Public Companies
In continuation of realizing its objects of spreading awareness of investors in securities, the Capital Market Authority is launching, during the current period, an awareness campaign via social media accounts under the hashtag #Your attendance makes a Difference, coinciding with the period of annual general meetings of public companies this year, which will be held during the month of March, with the aim of raising awareness.
CMA urged the shareholders to attend the general meetings and interact with the agenda, exercise their legal right to vote on the resolutions and hold the Boards of Directors accountable, through participation via the electronic platform administered by the Muscat Clearing and Depository Company or personal attendance if held at a specific venue.
The annual general meetings are held after the entities listed on the Muscat Stock Exchange disclose the audited annual financial statements, board of directors’ reports, management discussions and analysis reports, corporate governance reports and other reports related to the audited financial statements.
The annual ordinary general meetings are held within a maximum of 90 days from the end of the financial year of the issuer.
It is worth noting that the CMA continuously emphasizes to listed companies and funds the importance of taking specific measures to convene the general meeting, the most prominent of which is sending the notices to shareholders and unitholders of investment funds via the electronic platform at least 15 days prior to the date of the general meeting.
General meetings of companies and funds have extensive powers including shareholders’ right to vote and object to its resolutions, in addition to measuring the efficiency of board members and their ability to contribute effectively in directing the company’s executive management, and its role in electing board members capable of leading the company to achieve the interests of its shareholders.