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• Advocates respect for women’s rights
By Henry Uche, Lagos
The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has lauded the National Assembly for the recent amendment of the Companies and Allied Matters Act (2020), under which Public limited companies (PLCs) are now allowed to conduct the Annual General Meeting by electronic means.
In a statement signed and delivered by the President of the Institute, Mr Taiwo ’Gbenga Owokalade, the Institute also advocates greater observance of women’s rights as International Women’s Day holds today.
In the statement, Owokalade said the Institute had in the time past, advocated for reform in the nation’s corporate law to allow the Public Limited Companies (PLCs), to hold their statutory Annual General Meeting electronically.
He said the recently signed Business Facilitation Act 2023, which amended CAMA 2020, has now paved the way for PLCs in Nigeria to hold their AGM without having to specifically seek the permission of the Corporate Affairs Commission (CAC), which is a very positive development for Nigeria’s business regime and it is also in consonance with the agitation of the Institute before and after CAMA 2020 was made.
“We are pleased with the positive reform just introduced by the Business Facilitation (Miscellaneous Provisions) Act 2023, which was signed into law on 13 February 2023 by President Muhammadu Buhari.
“This Act, which amends CAMA 2020, now allows Public Limited Companies (PLCs), to hold their AGMs electronically following provisions of their articles of association.
“Under Section 240 (2) of CAMA 2020, only private companies are allowed to hold their AGMs by electronic means. PLCs could only be permitted to hold AGMs if specifically permitted by the CAC. This in itself was an improvement to what obtains under the old CAMA1990 which only recognized physical meetings.
“We had recommended that whenever an opportunity for amendment of CAMA 2020 comes, the permission to hold AGM electronically should be extended to the PLCs.
“This is exactly what has been done now by Section 11 of the Business Facilitation (Miscellaneous Provisions) Act 2023 signed into law on 13 February 2023, which now allows PLCs to hold AGM as long as it allows all the shareholders to participate and it is following the provisions of the articles of association.
“ICSAN, as a leading voice on Corporate Governance, finds this initiative a very positive development. The advantages of this include inclusiveness through enhanced shareholders’ participation and engagement and reduction of costs through the elimination of the need for big and expansive physical venues.
“Furthermore, virtual meetings break the barriers of national and international boundaries as shareholders from any part of the world can participate in the AGM. Another advantage is that virtual meetings allow easy recording of proceedings for future reference,”
Owokalade stressed that the development would also attract many foreign investors who would be motivated because they can monitor the proceedings of the meetings of the companies they invest in.
“It has always been our position in ICSAN that our law should allow maximum use of technology to boost business to the scope and levels demanded by modern exigencies”
On International Women’s Day (IWD), ICSAN President described this year’s theme “DigitALL: Innovation and technology for gender equality” as very apt, trendy, and forward-looking advocates for greater respect for women’s rights.
He added, “Let me seize also use this opportunity to congratulate womenfolk the world over on the occasion of this year’s IWD being marked on March 8. I also want to thank the United Nations for the phenomenal support and promotion it has given to women’s right over the years.
“The theme of this year’s IWD is remarkable for its recognition of how technology could be explored to realize the expectations of gender rights.
“Technological initiatives have indisputably become the modern culture and we must concentrate on how to leverage it to advance human worthiest and sublime causes which include social justice, equal right, and inclusive development.
“Innovation and technology are appropriate tools in the policy of gender mainstreaming and we must all strive to tap into it for the realization of a just, equitable, and androgynous society.
“There is no gainsaying the fact that women have made great contributions to the digital world since its advent and have continued to contribute in remarkable ways to its advancement.
“Our women are our partners in the quest for societal advancement and sustainable development and we must always be conscious of carrying them along in the journey for human progress,” he stated.
