Listed companies did not hold the annual general meetings in April
EnglishAccording to stock exchange regulations, listed companies should hold their annual general meeting until April 30, but currently, in the emergency due to the coronavirus pandemic, they cannot hold general meetings in the presence of shareholders even if the meetings have already been convened. In accordance with the government decree of April 10, the board of directors can make decisions about all points on the agenda.
Under the regulation, the board of directors is entitled to decide on all issues on the agenda, either in line with the proposed and already published resolutions, or differently. Shareholders may request the convocation of a general meeting for subsequent approval of the decisions taken by the board of directors, within 30 days after the end of the emergency. However, for the subsequent approval of resolutions on the approval of the financial statement and the use of after-tax profit (dividends), shareholders may initiate the convocation of the general meeting until 31 May. Failure to meet this deadline will result in the loss of rights.
If the shareholders request a general meeting for the subsequent approval of the decision on the financial statements and the use of after-tax profit, no dividend can be paid until the general meeting has subsequently approved the financial statements and the dividend payment.
Magyar Telekom Plc was due to hold its general meeting originally on April 8. The company's board of directors decided on the issues on the published agenda at their meeting on April 24, instead.
Mol first announced a new general meeting date of April 30 instead of the original date of April 16, but later announced that the board of directors would make resolutions in place of shareholders.
OTP Bank also postponed its general meeting, from the original date of April 17 to April 30, but it was be the board of directors making resolutions instead of the general meeting.
Richter Gedeon Plc did not hold a general meeting either; on the original date of April 28 the company's board of directors made the decisions in line with the published proposal.
The Board of Directors of Appeninn Vagyonkezelő Holding Plc made resolutions on the proposals for the general meeting on April 17, the same day for which the general meeting was scheduled. The company continues to focus on growing dynamically, therefore it places its total individual after-tax profit of HUF 1.661 billion in the profit reserves.
Several listed companies announced their general meetings to be held on April 17, but none of them held them, the board of directors made the decisions for each company instead of the shareholders: the board of CIG Pannónia Life Insurance Plc decided on April 24, while PannErgy Plc, Duna House Holding Plc and Alteo Energy Service Plc took the decisions by April 30.
Rába Járműipari Holding Plc first postponed the date of its general meeting from April 9 to April 30, but later announced that the board of directors will take the decisions on the proposals by April 30.
ANY Biztonsági Nyomda Plc has decided that instead of its general meeting announced for April 16, the board of directors decided on the issues of the agenda at its meeting to be held on 27 April.
Masterplast did not hold their general meeting on April 23, either; the company's board of directors make resolutions.
Waberer's annual general meeting scheduled for April 20 is cancelled and the company's board of directors made decisions on April 30 on behalf of the general meeting.
4iG Plc and Budapest Real Estate Utilization and Development Plc made their decisions on the issues on the agenda on April 29, on the scheduled date of their general meeting.
The annual general meetings of Opus Global Plc, AutoWallis Plc and Graphisoft Park, scheduled for April 30 is cancelled, and the board of directors of these companies make resolutions.
