SFHA Writes to UK Government on Virtual AGM provisions
On 30 March 2021, the provisions in the Corporate Insolvency and Governance Act 2020 allowing for virtual general meetings to take place expired. Earlier in the month, SFHA had written to UK Government asking for a further extension to this legislation, but SFHA received a response on 30 March confirming that the UK Government has no current plans to extend the legislation at this time.
We are aware that many members – quite legitimately – decided at their AGM last year not to adopt optional provisions in the SFHA Model Rules 2020 allowing for virtual AGMs on a more permanent basis. We have flagged up to UK Government that – whilst it remains hopeful that some form of physical meetings will be permissible shortly – there will still be an understandable reluctance for people to return to public gatherings. Achieving a quorum – something that can be challenging under the best of circumstances – would be unlikely.