Question Time – Covid 19 – Corporate matters – Meetings, Annual Accounts

May 1, 2020

Q.: Can meetings of the shareholders take place during the emergency period?

A.: Yes it is possible. Both ordinary and extraordinary shareholders’ meetings for limited liability companies can be held in written form of by videoconference even if these means are not provided in the articles of association and as an exception to the applicable law.

Q.: Has the term for approval of the 2019 annual accounts been extended?

A.: Yes, the current deadline of 120 days has been extended to 180 days. Therefore, the deadline to approve the financial statements is presently set for June 28, 2020.

Q.: Do the simplified procedures for shareholders’ meetings and the extension of the deadline for the approval of the annual accounts  also apply to State controlled companies? 

A.: Yes, unless there are additional expenses for the State.

Q: The management body of a public entity will expire during the emergency period and the shareholders’ meeting has already been called to provide for its renewal, is it possible to postpone it? 

A: Yes, the renewal procedures can be postponed, even if in progress, until the end of the Covid-19 emergency and the management body already in office can be confirmed until the new one is appointed.