Holding of General Assembly During Anti-Covid-19 Measures

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Companies usually hold their general assemblies at the end of first quarter of a given year, among other in order to inform the stockholders /shareholders about financial aspects of company’s operations by way of presentation of annual financial statements. However, given the current global COVID-19 pandemic and strict national measures introduced with the aim of combating the further spread of virus, holding of (mostly already convened) general assemblies has been severely hindered, and their postponement is being increasingly considered. As a result of postponement of general assembly, the stockholders will temporarily be prevented from passing resolutions concerning the use of company’s profit and payment of dividends. Failure to hold a shareholders’ meeting in limited liability companies leads to potential inability of such companies to comply with their obligations laid down in accounting laws and regulations.

Our law firm has prepared an overview of possible options for postponement as well as ways of holding general assemblies during anti-covid-19 measures. For more information, please read the document.