Earlier this year, IoD Ireland had called on the Government to change Company Law to allow virtual AGMs during “the current period of uncertainty during the COVID-19 crisis”.
The Institute of Directors (IoD) in Ireland has today welcomed the announcement from the Department of Enterprise, Trade and Employment that the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended to 9th June 2021, following Government approval.
In particular, the IoD welcomed the impact this extension of the interim period will have on AGMs, specifically the hosting of virtual AGMs.
Welcoming today’s announcement of an extension of the interim period to June 2021, Maura Quinn, Chief Executive of the Institute of Directors in Ireland, said:
“The extension of the interim period is both welcome and logical as the intention of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 was to deal specifically with the period of uncertainty during the COVID-19 crisis. Many companies could not change their Constitutions to provide for virtual AGMs without holding an AGM or EGM in the first instance.
That Catch-22 situation was, thankfully, resolved with the initial Companies (Miscellaneous Provisions) (Covid-19) Act, and this extension will be a great relief and support to many business leaders. The Government is to be commended on passing this Act in the first instance and, now, for extending its period of implementation and effectiveness.”