The interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 (the “2020 Act”), which facilitated the holding of virtual meetings (including AGMs), has been extended until 31 December 2024.
The 2020 Act introduced temporary changes to the Companies Act 2014 and the Industrial and Provident Societies Act 1893 by addressing various challenges faced by companies during the Covid-19 pandemic, including issues relating to AGM requirements.
Prior to the Covid-19 pandemic, AGMs were usually carried out in person, which presented an obvious difficulty when faced with various lockdowns and social distancing requirements. However, under the temporary provisions, companies and industrial and provident societies in Ireland are permitted to conduct their AGMs and general meetings electronically.
Dara Calleary, the Minister for Trade Promotion, Digital and Company Regulation emphasised that the extension offers essential certainty for companies and co-operatives, enabling them to fulfil their legal obligations and ensuring accountability by allowing members to hold directors accountable.
For further guidance please see our previous blog posts: “Virtual AGM’s- the new normal?” and “Practical Implications of Covid 19 on AGMs and Board Meetings in Ireland” outlining the various considerations to be taken into account with respect to the corporate governance of remote AGM’s.
Written by: Jamie Woodcock and Alice Normoyle
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