KINGSTON, Jamaica— CEO and President of Victoria Mutual Building Society (VMBS) Courtney Campbell, today, assured shareholders that its annual general meeting (AGM) was in compliance with the Ministry of Health’s COVID-19 protocols.

“We received the approval of the Ministry of Health for this assembly. We did a formal application and they visited and inspected [the venue] on Monday. They gave us the appropriate guidance and ensured that we were in full compliance,” Campbell responded to the question posed by a shareholder.

VMBS’s 141

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 AGM was held at the Pegasus hotel in Kingston. Given current social distancing protocols, in-presence attendance was limited to 50 members, while all other members and the media were able to participate via live-stream on Youtube and Zoom. 

As the traditional AGM season is underway for companies listed on the Jamaica Stock Exchange (JSE) with a year-end date of December 31, the measures implemented by the Government to curb the spread of COVID-19 had posed significant challenges for said companies to host meetings, which are required under the Companies Act. AGMs provide one of the few opportunities shareholders have to question the board, engage directly with management, and hear the views of other shareholders.

Under the Companies Act, a virtual or electronic AGM is not permissible under Jamaican Law, neither is a combination of an onsite meeting with a virtual or electronic AGM. 

However Campbell contended that VMBS quorum is 30 and have “significantly exceeded that”.

“From both the legal position regarding our rules and how AGMs are convened, as well as the current Disaster Risk Management Act we are fully compliant. We have more than 30 [shareholders] here plus those who are online are properly registered. They were able to participate in voting for all the resolutions and raise questions,” Campbell stated.

While Prime Minister Andrew Holness had previously announced an exemption for companies to hold these meetings physically, he did not specify the number of persons allowed in such gatherings. He however further stated that the Ministry of Industry, Commerce, Agriculture and Fisheries is currently reviewing the legislative framework to address this situation.

In the interim, the Supreme Court is set to hear the claim made by JSE as the representative of claimant companies to seek orders permitting them to hold their AGMs by electronic means. 

GraceKennedy Limited, Jamaican Teas Limited, and Kingston Wharves Limited, also held their AGMs recently.

— Abbion Robinson