Locomotive Launches Free Consultation Service for General Shareholders' Meeting

[Asia Economy Reporter Hyunseok Yoo] Amid the urgent preparations for general shareholders' meetings (GSMs) due to the novel coronavirus infection (COVID-19), locomotive, a company specializing in proxy voting collection, is offering free consultations.

Locomotive, a proxy voting collection specialist, announced on the 10th that it will provide free consultations to companies concerned about their GSM schedules due to the impact of the coronavirus. These free consultations can be requested through the locomotive website or via phone.

On the 26th of last month, the Financial Services Commission (FSC) announced the "Support Measures for the Safe Holding of Regular General Shareholders' Meetings in Response to the Spread of COVID-19." According to the FSC, if approval of financial statements is difficult at the March regular GSM, companies can pass a resolution to postpone or continue the meeting and hold the GSM again after April. Additionally, administrative sanctions against listed companies that fail to submit business reports on time will be waived, and exempted corporations must submit their business reports by May 15.

A representative from locomotive stated, "Many companies are experiencing difficulties in preparing for their GSMs due to the coronavirus impact," adding, "Companies are currently concerned about the venue and timing of their GSMs." He continued, "With the financial authorities' support allowing GSMs to be held after April, inquiries about postponing GSM schedules have increased. Considering that the usual preparation period for GSMs takes about a month or more, this effectively provides additional preparation time."

According to the Financial Supervisory Service and the Korean Institute of Certified Public Accountants, more than 20 companies have changed their GSM venues between the 28th and the 6th. Eight companies also applied for exemption from sanctions related to delayed submission of business reports. Lee Taesung, CEO of locomotive, said, "Companies are rushing to prepare for GSMs, including urgently changing venues," and added, "Since the influence of minority shareholders and individual investors in most listed companies has grown, it is important to collaborate with firms that have secured professional personnel to secure their voting rights."

He further stated, "Among the listed companies we handle, some have already completed the collection work related to this GSM," and added, "Quick response is necessary for GSMs that can be held after April, and we hope that the free consultations we have prepared will help companies in their GSM preparations."

This content was produced with the assistance of AI translation services.