FSA launches awareness campaign for AGMs of listed companies
Muscat – As part of its efforts to raise awareness among investors in securities market, the Financial Services Authority (FSA) has launched a social media campaign under the hashtag #YourAttendanceMatters, coinciding with the annual general meeting (AGM) season for public joint-stock companies in March.
The campaign aims to educate shareholders on the importance of attending AGMs, engaging with the agenda, and exercising their legal rights – such as voting on resolutions and holding boards of directors accountable. Shareholders can participate in AGMs via video conferencing through the online platform managed by Muscat Clearing and Depository Company or attend in person if the meeting is held at a physical location.
AGMs take place after listed companies on the Muscat Stock Exchange publish their audited annual financial statements, board of directors' report, management discussion and analysis, corporate governance report, and other relevant financial reports. Ordinary AGMs must be held within 90 days of the end of the company's financial year, according to the FSA's guidelines.
The FSA continues to stress the importance of listed companies and investment funds taking the necessary steps to hold AGMs, ensuring that shareholders and unit holders receive meeting notices at least 15 days in advance via the platform.
AGMs hold significant authority, giving shareholders the right to vote on resolutions, raise objections, and evaluate the performance of board members. They also play a crucial role in electing directors who can effectively lead the company in the best interests of shareholders.
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