Muscat: The Omani capital sector acted with adequate resilience to convene the annual general meetings during the pandemic to ensure continuity of business via the electronic platform. This was on the back of the issuance of rules for convening general meetings online that ensured the rights of all stakeholders.
Mohammed Said Al Abri, Vice President of the Capital Sector, said the e-platform represents a reliable electronic platform for convening general meetings and related businesses prepared within the legal and procedural requirements.
He expressed happiness over the success of the Capital Market Authority (CMA) in convening general meetings online for the third consecutive season and added that this move is a breakthrough in the process of evolution of the Omani capital market as part of the CMA’s efforts to digitalise the services of the sector.
“The rapid response was in line with the legislations…stipulating technology in businesses of the companies and funds which are basic requirements to attract foreign and domestic capital into the stock exchange,” he added.
This will help economic entities achieve the Oman Vision 2040 and involve the private sector in the economic ecosystem as a real partner in the comprehensive development plans and programmes and to stimulate the role of the capital market in financing the economic development.
Al Abri further said that Muscat Clearing and Depository Company (MCD) continued with its partners the development of the platform whether it was new e-services or addressing the observations raised in the past years, emphasising that the development of the platform is continuing to ensure high quality and safety of the general meeting processes.
CMA emphasises that the public joint stock companies, investment funds, auditors and legal advisors must comply with the laws regulating the general meetings and the rules for convening general meetings, physically or online.
The CMA had issued last year circular No. 4/2021 which included a set of procedures to be taken into consideration while convening the general meetings of public joint-stock companies and investment funds.
It included specifying the venue of the meeting in the notice as the shareholder or unit-holder is entitled to exercise the right to attend the meeting physically or online. It also stipulated that the directors and those who are required to attend physically must attend, to interact with the shareholders and unit-holders whether attending physically or online.
The circular also emphasised that the notice must be published at least 15 days before the meeting after being approved by the CMA and that it would be sent automatically to the shareholders and unit-holders through the platform administered by MCD without the need to send hard copies of the notice to the registered addresses of the shareholders or unit-holders.