The Globe and Mail reports in its Monday edition that Canada's biggest banks and insurance companies will hold their annual meetings on-line after jointly obtaining a court order amid intense concern about in-person gatherings.
The Globe's Christine Dobby writes that social-distancing protocols and temporary bans on large gatherings spurred by the novel coronavirus outbreak have made planning for the spring annual meeting season difficult. Last Friday, eight of the country's largest banks and the three largest insurers announced they received authorization from the Ontario Superior Court of Justice permitting them to conduct their annual meetings "in whole or in part, using electronic means."
On Friday, the Canadian Securities Administrators released new guidelines to support companies holding virtual AGMs.
The banks and insurers said the court order allows them to conduct meetings by webcast, teleconference or other electronic means, which can be used in addition to an in-person meeting or replace it entirely.
So far, Royal Bank of Canada, Bank of Montreal, CIBC, Scotiabank, Canada Western Bank, Laurentian Bank, TD Bank and Manulife had issued news releases regarding plans to hold virtual meetings.
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