限聚令：自2020年5月8日起明確豁免上市公司股東大會

[ 本內容只備有英文及簡體中文版 ]

With a view to combating the COVID-19 pandemic, the Hong Kong Government has introduced measures to implement social distancing, including, among other things, the Prevention and Control of Disease (Prohibition on Group Gathering) Regulation (Cap. 599G) (Regulation), which has been effective since 29 March 2020.

The Regulation, when first issued, prohibited group gatherings of more than four persons in public places during the “specified period”. On 5 May 2020, the Government gazetted amendments to the Regulation, pursuant to which, with effect from 8 May 2020:

• the specified period has been extended until 21 May 2020
  

• the number of persons allowed in group gatherings in public places has been relaxed from four to eight
  

• the scope of exempted group gatherings has been expanded to cover, among other things, shareholders’ meeting of a listed company that is held in accordance with any ordinance or regulatory instrument, subject to no food or drink being served and no more than 50 persons in a room or partitioned area.

Prior to such amendments, it was unclear how the Regulation impacted general meetings of listed companies.

When the Regulation was first issued, paragraph 11 of Schedule 1 to the Regulation (Paragraph 11) exempted “any group gathering at a meeting of a body that must be held within a specified period in order to comply with any Ordinance or other regulatory instrument that governs the operation of the body or its business“.

The Securities and Futures Commission and The Stock Exchange of Hong Kong Limited published a joint statement on 1 April 2020 (Joint Statement) advising that they have consulted the Government and understood that:

• annual general meetings (AGM) as required under the Companies Ordinance (Cap. 622) and/or the Listing Rules are in general exempted under Paragraph 11; and

• extraordinary/special general meetings (EGM/SGM) of Hong Kong listed companies are exempted under Paragraph 11 if the meeting must be held within the specified period in order to comply with any law or regulation in Hong Kong or overseas, any Listing Rules, the Codes on Takeovers and Mergers and Share Buy-backs; the company’s own memorandum or articles of association; or other regulatory instrument.

The Government’s and the Companies Registry’s websites also published frequently asked questions advising that AGMs as required under the Companies Ordinance are generally exempted under Paragraph 11.

Despite these “general” guidelines, it did not seem entirely clear if listed companies may rely on Paragraph 11 (before amendment) for holding their AGMs within the “specified period”. Listed companies with financial year ended on 31 December are required under the Listing Rules and (for HK-incorporated companies) the Companies Ordinance to hold their AGMs no later than 30 June 2020. It is doubtful whether their AGMs “must be held” within the specified period in order to comply with the Listing Rules and (if applicable) the Companies Ordinance as it should be possible for such companies to arrange postponement or adjournment of the meetings to a date beyond the specified period, yet still no later than the deadline of 30 June 2020.

The amended Paragraph 11 now reads: “Group gathering during any of the following meetings at which no food or drink is served and, in the case of a group gathering of more than 50 persons, measures are in place for separating them in different rooms or partitioned areas, each accommodating not more than 50 persons –

This amendment is welcomed as it clarifies the position. It is now clear that all types of shareholders’ meetings of listed companies (whether AGM or EGM/SGM) are exempted so long as the meeting meets the following conditions:

• it is held in accordance with any ordinance or regulatory instrument;

• no food or drink is served; and

• there are no more than 50 persons in a room or partitioned area.

Listed companies which are expecting to have their general meetings to be held within a period during which the public gathering ban is still effective should give due considerations on the measures to be taken to ensure that the number of persons in any particular room or partitioned area at any time would not exceed 50.  In this regard, reference may be made to the suggestions made by the Hong Kong Institute of Chartered Secretaries on 6 May 2020.

Listed companies are also reminded to take all appropriate precautionary measures to ensure the safety of attendees in accordance with the guidance in the Joint Statement, as well as taking into account the suggestions made by the Hong Kong Institute of Chartered Secretaries on 31 March 2020.

[ 簡體版 ]

为应对2019冠状病毒病疫情大流行，香港政府已实施多项措施以减少社交接触，其中包括《预防及控制疾病（禁止羣组聚集）规例》（第599G章）（《规例》）。《规例》自2020年3月29日起生效。

《规例》初发布时规定，在“指明期间”内，不得在公众地方进行多于四人的羣组聚集。 香港政府于2020年5月5日 就《规例》的修订刊宪，据此，自2020年5月8日起：

• 指明期间延长至2020年5月21日；
• 在公众地方进行羣组聚集的人数限制由四人放宽至八人；及
• 扩大获豁免羣组聚集的范围，涵盖（其中包括）按照任何条例或规管性质文书举行的上市公司的股东会议，但会议上不可供应食物或饮品，且每个房间或区隔范围容纳的人数不得多于50人。

在该等修订发布之前，《规例》对上市公司举行股东大会有何影响并不清晰。

《规例》初发布时，附表1第11段（第11段）豁免“某团体的会议上的羣组聚集，前提是该会议须在指明期间内举行，以遵守任何条例或符合规管该团体的运作或事务的其他规管性质文书”。

证券及期货事务监察委员会与香港联合交易所有限公司于2020年4月1日发表联合声明（联合声明），表示已谘询政府的意见，并了解到：

• 《公司条例》（第622章）及／或《上市规则》所规定的股东周年大会一般在第11段下获得豁免；及
• 香港上市公司举行的股东特别大会亦可在第11段下获得豁免，前提是该大会必须在指明期间内举行，以遵守香港或海外的任何法律或规例、《上市规则》的任何规定、《公司收购、合并及股份回购守则》、有关公司本身的组织章程大纲或细则、或其他规管性质文书。

政府和公司注册处的网站也发布了常见问题，指出《公司条例》所规定举行的股东周年大会一般可根据第11段获得豁免。

尽管有这些“一般性”的指引，上市公司是否可以根据第11段（修订前）在“指明期间”内举行股东周年大会，似乎并不完全清晰。 根据《上市规则》和《公司条例》（就香港注册成立的公司而言）的规定，于 12 月 31 日财政年度年结的上市公司必须在2020年6月30日或之前举行股东周年大会。 在该等公司有可能将会议推迟或延期至该指明期间结束之后、且不晚于2020年6月30日期限的情况下，股东周年大会是否“须在指明期间内举行”，以遵守《上市规则》和《公司条例》（如适用）的规定值得商榷。

经修订的第11段现改为：“于以下任何会议上的羣组聚集，前提是于该会议上并无供应食物或饮品，而如属多于50人的羣组聚集，该会议上亦设有措施，将该等人士分散于不同房间或区隔范围，每个房间或范围容纳不多于50人 —

该修订澄清了有关情况。现在已明确，只要满足以下条件，上市公司所有类型的股东会议（不论是股东周年大会还是股东特别大会）都可以获得豁免：

• 会议乃按照任何条例或规管性质文书而举行；
• 会议上不供应食物或饮品； 及
• 每个房间或区隔范围的容纳人数不多于50人。

如果上市公司拟于限聚令仍在实施期间举行股东大会，应谨慎考虑应采取的措施，以确保于任何时间在任何房间或区隔范围不会多于50人。就此，可参考香港特许秘书公会于2020年5月6日提出的建议。

同时，上市公司亦应按照联合声明中的指引，采取一切适当的预防措施，以确保与会者的安全，就此亦可参考香港特许秘书公会于2020年3月31日提出的建议。