Genworth will hold a virtual AGM on Thursday to keep shareholders safe from COVID-19 and comply with health guidance and public gathering restrictions.

The mortgage insurer says it has been closely monitoring developments in response to the pandemic.

“It is no longer possible for shareholders to safely attend the AGM in person,” Genworth says in a statement to the Australian Stock Exchange.

The Australian Securities and Investments Commission (ASIC) has promised a  ‘no-action’ position on virtual AGMs as part of a commitment to be “flexibly pragmatic” as it supervises in light of the coronavirus crisis.

ASIC says it is unclear whether the Corporations Act permits virtual AGMs, and there may be doubt regarding the validity of resolutions passed at a virtual AGM, but the regulator won’t pursue any related action.

Genworth says its decision to run this year’s annual meeting using virtual technology will ensure the wellbeing of its shareholders, employees and other stakeholders.

“We trust that shareholders understand the complexities caused by the current circumstances,” the statement said.

All directors will attend via virtual means and Genworth will make available a virtual meeting platform for shareholders to participate in the AGM at a dedicated website.

Shareholders can watch and participate in the AGM online either from their computer or mobile device and can ask questions and cast their vote at the appropriate times while the meeting is in progress.

An archived webcast of the meeting will also be made available on the Genworth website after the meeting.