Amid concerns by shareholders over continued virtual and proxies for Annual General Meetings (AGMs), the Corporate Affairs Commission (CAC) has stated that the use of proxies by public companies will cease to apply effective from December 31, 2022.
The Registrar-General, CAC, Alhaji Garba Abubakar, disclosed this during a one-day stakeholder’s interactive dialogue organised by the ISAN Universal Academy, the educational arm of the Independent Shareholders Association of Nigeria (ISAN) with the theme: “CAC Guidelines on Proxies AGMs of Public Companies Post COVID-19: Matters Arising which held in Lagos at the weekend.
Shareholders had previously queried the continuance of the proxy policy despite the fact that the COVID-19 pandemic had reduced handling cost to the barest minimum.
However, Abubakar said that the guidelines would cease to apply after December 31, 2022, adding that a public notice to that effect was issued on November 21, 2022. Abubakar who was represented by Assistant Director, Registry Department at CAC, Tolu Sonaike, said all public companies that have been granted approval to hold their AGMs using proxies are expected to do so not later than the specified date.
