QBE is weighing up available options for its AGM, which is currently slated for May 7, in light of evolving health and government advice related to the COVID-19 pandemic.

“We will provide advice to our shareholders soon,” a QBE spokesman told insuranceNEWS.com.au. “Our priority is to protect the health, safety and wellbeing of our shareholders and our people.”

Earlier, PSC Insurance Group told its shareholders that attendance to its General Meeting on Tuesday is to be offered electronically.

The regulator issued special guidelines addressing upcoming AGM and financial reporting regulatory requirements earlier this month.

In particular, the Australian Securities and Investments Commission (ASIC) acknowledged COVID-19 may temporarily impact on companies’ ability to hold shareholder meetings, especially companies with end-of-December balance dates that are required to hold an AGM by the end of May.

“Entities with a financial year end of 31 December may find it difficult to hold their AGM by the deadline of 31 May 2020 due to the restrictions on large gatherings, travel restrictions and concerns from members about attending large-group meetings in the COVID-19 situation,” ASIC said.

The regulator does not have the power to grant AGM extensions to all entities with a financial year ended December 31, but got around this by taking a “no-action” position on upcoming AGMs that need to be deferred or that are held online.

For these financial firms, ASIC said it will take no regulatory action if the AGMs are postponed for two months up until the end of July. ASIC also supports the holding of AGMs using technology.

Melbourne-based PSC has urged shareholders to vote online and to submit any questions by email prior to the Tuesday meeting. It will now be held as a “hybrid meeting” which will still be held at the physical location but also electronically via a Webex dial-in.

ASIC Commissioner John Price says a “flexible pragmatism” is needed and ASIC will carefully monitor how market conditions and COVID-19 are affecting financial reporting.

“There is some doubt as to whether the Corporations Act permits virtual AGMs and there may also be doubt as to the validity of resolutions passed at a virtual AGM,” he said. “ASIC does not have the power to modify the Corporations Act to facilitate virtual AGMs.

“However, we have provided a no-action position on virtual AGMs.”

Suncorp, which has scheduled its AGM for September 24, says at this stage no decisions have been made.

“We will continue to follow the guidance of the Government and official health organisations and will prioritise the health and safety of our people and shareholders,” a spokeswoman told insuranceNEWS.com.au. “We will keep our stakeholders up to date on any confirmed changes.”

IAG’s AGM is scheduled for October 23.