On 24 April 2020 the Temporary Act regarding COVID-19 Justice and Security (Temporary Act) was adopted. Among other subjects, this Temporary Act enabled the holding of electronic shareholders meetings and electronic voting and the extension by the management board of the period for adoption of annual accounts with by five months. For further explanations please see our earlier article Temporary measures due to the COVID-19 pandemic impact corporate compliance policy of Dutch companies.
On 19 August 2020 it was decided to extend the expiry date of the Temporary Act from 1 September 2020 to 1 October 2020 in view of the limited measures enforced in order to prevent new infections. On 18 September 2020 it has been decided to extend the expiry date of the Temporary Act to 1 December 2020. As a result of thereof, the validity of all temporary measures provided for in the Temporary Act has been extended to 1 December 2020.
Moreover, the Minister of Legal Protection has acknowledged the desire for more certainty in the longer term of the corporate bodies of companies that wish to apply these temporary measures. In order to cater therefor, the Minister has informed that he intends to have these temporary measures expire only if at least two months before the anticipated expiry date such intention has been published.
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