Maybank red-faced with virtual AGM postponement – likely corporate M’sia’s first

THERE is always a first time for everything – sometimes the outcome turns out to be favourable but be forewarned that it can also work horribly against the person!

Such is the fate that befell Malayan Banking Bhd (Maybank) whose 61st annual general meeting (AGM) scheduled this morning (April 15) has to be postponed – the first in the history of the banking group due to technical glitches faced by the remote participation and voting facility provider, Tricor Investor and Issuing House Services Sdn Bhd.

“We appreciate that our shareholders had taken time to try to login today to follow the proceedings of the meeting and wish to assure all of them that we will be reaching out to them to update them of the next meeting arrangements,” apologised Maybank chairman Tan Sri Sri Zamzamzairani Mohd Isa.

Maybank said the notice of the new meeting date would be announced to Bursa Malaysia in due course and would also be made available via its website

In expressing its deepest apologies for the AGM postponement, Tricor assured Maybank’s stakeholders that it has identified the root cause of the downtime which has been duly rectified as well as tested for its efficacy.

“The inconvenience to our clients and business partners is deeply regretted and all steps are being taken to ensure that all our forthcoming virtual AGM’s proceed smoothly,” Tricor pointed out in a statement.

“Tricor Malaysia will continue to forge ahead as well as develop our capacity and capability to spearhead the digital transformation of Corporate Malaysia.”

The postponement has raised a question on the reliability of AGMs being done online, a move that pushed companies to do so amid the unprecedented situation brought about by the COVID-19 pandemic.

Recall that on April 22 last year, Ranhill Holdings Bhd staged the country’s first virtual AGM amid the imposition of the movement control order (MCO) which was declared earlier on March 18. – April 15, 2021

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