Lagos - The Securities and Exchange Commission (SEC) and the Nigerian Stock Exchange (NSE) plan to introduce new rules that would bar major shareholders of companies from voting in extraordinary general meeting (EGM’s) and annual general meeting (AGM’s) regarding key corporate decisions that can affect the future of the company.
The new proposed rules seek to forbid a person-beneficiary or shareholder who stands to gain on a transaction in an AGM, EGM or court ordered meeting from voting at such meeting, reports The Nation.
According to the Nigerian capital market regulators wish, decisions such as corporate takeovers, acquisitions, mergers, should only be approved by shareholders who do not own majority stakes in these companies.
Read more at The Nation.
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