Companies Act to be amended to accommodate virtual meetings

A Bill is being drafted to amend the Companies Act to allow a company in Jamaica to hold general meetings, whether annual general meetings or extraordinary general meetings, as hybrid meetings, that is in-person and virtually, or as completely electronic meetings.

This Bill will match the transition the world has taken on as part of efforts to prevent the spread of the novel coronavirus, with mostly virtual meetings.

Minister of Industry, Investment and Commerce Audley Shaw provided details during his contribution to the 2021/22 Sectoral Debate at the sitting of the House of Representatives on Tuesday.

He pointed out that the Government is expected to make amendments to the Companies Act by the end of May.

The minister said that, in a further phase, the Act is also to be amended to strengthen the efficient operation of companies.

The proposed amendments include improved efficiency in relation to the incorporation of companies and administration of company meetings and proceedings, and deterrents against companies being used for money laundering and other illicit activities.

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