You company is probably holding its Annual Stockholders Meeting via video conference these days. However, while the world may be changing faster than we know it, do not forget your reportorial requirements with the Securities and Exchange Commission. During the Enhanced Community Quarantine period, the General Information Sheet (“GIS”) should be submitted within 30 calendar days from the date of holding the annual meeting thru:
Corporations which were unable to hold their annual meeting and election of directors or officers, during the quarantine period whether due to COVID-19 or the lack of facilities for remote communication, should report the fact of non-holding of the meeting within 30 calendar days from the originally scheduled date, accompanied by a statement specifying a new date for election (must be within 60 days from the original date).
Corporations that fail to comply or provide unjustified causes shall be served by the SEC with an order directing the issuance of a notice stating the time and place of the annual meeting and election of directors, trustees, and officers, in accordance with Section 25 of the Revised Corporation Code.
These may be trying times, but corporations need to endeavor to proceed with the annual stockholders meetings and timely file their GIS to avoid complications with the SEC.