• BNG SEC issued directive regarding compliance of 30% shareholding requirement.

Requirement

• If the sponsors/directors of any listed company fail to jointly hold minimum 30% shares of paid-up capital of a company all the time, SEC will impose certain actions.
• The company's board shall appoint two additional independent directors subject to SEC approval, such provision of appointment shall continue until 30% requirement is met.
• A committee comprising independent directors including the two additionally appointed independent directors, shall be formed to oversee the progress of the compliance.
• The additionally appointed independent directors shall submit quarterly reports within 10 days of quarter end to SEC on progress of compliance towards the requirement.
• Such company shall conduct its general meeting using hybrid system (physical and digital) ensuring shareholder rights, within 45 working days from this directive's issue.

Effectiveness

• This directive shall have immediate effect.