Luxembourg's Ministry of Justice today announced the introduction of new provisions for the holding of general assemblies and company meetings.
In light of the immediate impact of the coronavirus epidemic on the good governance of companies and other legal persons (including public establishments, public interest groups and non-profit associations), the government adopted a Grand-Ducal Regulation on Friday introducing measures, with immediate effect, which enable companies and other legal persons to hold their meetings, particularly general assemblies and board meetings, without having to be physically present.
This emergency system will thus allow the bodies of any company or legal person to be able to hold their meetings without requiring the physical presence of their members while guaranteeing their effective participation and the exercise of their rights. This may be done through remote voting, written circular resolutions, videoconferencing or any other means of telecommunication.
Furthermore, companies, non-profit associations, public establishments and other legal persons may convene annual general assemblies (notwithstanding any provision to the contrary in the statutes) within a period of six months after the end of their financial year or on a date before 30 June 2020.
