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Under the CPFIS-OA, CPF members who are shareholders of listed companies do not have direct voting rights. They have to indicate their voting preference to their Agent Banks, who will vote on their behalf. However, CPF members who wish to attend the companies’ shareholders' meetings may do so as observers, after they have registered their intention with their respective Agent Banks.
The Board has received feedback from CPF members that some listed companies have turned down members' requests to attend the companies’ shareholders' meetings as observers. We would like all listed companies to accede to such requests if Agent Banks have registered the members’ names with the companies for the members to attend the meetings.
Hence, with immediate effect, the Board has imposed a new requirement for all listed companies whose shares are included under the CPFIS-OA. The companies have to accede to all CPF investors who have duly submitted their requests through the Agent Banks within a specific timeframe, to attend their shareholders' meetings as observers, failing which the Board reserves the right to exclude the companies' shares from CPFIS-OA. However, the Board leaves it to the companies’ discretion on whether to allow or reject entrance to CPF investors who turn up at meetings without first registering to attend through their Agent Banks.
We would appreciate it if all listed companies could take note of the above requirement.
CPF Investment Scheme Department
Latest update: 1 June 2004
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