COVID-19 og generalforsamlingen

The COVID-19 pandemic brought about a series of consequences for Danish companies. Particularly for companies also subject to national and European capital markets regulation. For a brief period, companies were faced with the dilemma of having to be in violation of either applicable rules regarding deadlines for annual general meetings and financial reports, or in breach of the Danish government’s temporary emergency legislation regarding assemblies of more than ten people. Given the timing of the pandemic – namely, the high season for general meetings – this left companies with little (or no) time to address matters such as whether to maintain a previously announced date for the annual general meeting, whether to postpone or cancel dividend payments and/or share capital reductions in light of financial uncertainty, and whether to withdraw financial guidance for the year as a result of global unrest. This article sets out to shed a light on both the practical and legal implications of the COVID-19 pandemic for Danish listed companies regarding these particular challenges, including the future use of electronic means as a way to further shareholder participation and ensure compliance with legislative deadlines in times of emergency.