Finance and Economic Development Committee Unanimously Adopts Government Bill on Activities of Executive Bodies of Joint-stock Companies and the Convention of their Shareholders’ Meetings during State of Public Health Emergency
The Finance and Economic Development Committee under the House of Representatives unanimously adopted, on Thursday, April 23rd, 2020, Government bill 27.20 enacting special provisions on the activities of executive bodies of joint-stock companies, and on the convention of their shareholders’ meetings during the state of public health emergency. The adoption took place in a meeting chaired by the Committee’s chairperson Abdellah Bouanou, with the participation of Minister of Industry, Trade, Green and Digital Economy Hafid Elalamy.
The members of the Finance and Economic Development Committee discussed with the Minister of Industry and Trade the details relative to the current situation of our country, namely the enforcement of precautionary measures to contain the outbreak of COVID-19. The participants also discussed the proposals relative to enforcing the legal text presented before the Committee.
The law allows the executive bodies of companies that have not held their shareholders’ meeting before the publication of this law on the official gazette, to convene them, during the state of public health emergency, using videoconference or similar technologies to settle their accounts, or take any of the decisions set out in Articles 72 and 306 of Law 17.95 relative to joint-stock companies.
On this occasion, the members of the Finance and Economic Development Committee, representing all the deputies, praised the successive initiatives led by HM the King to protect the health of citizens and contain the outbreak of this pandemic. They also commended the Government’s efforts to boost the economic and social fabric and to continuously supply the national market to meet the needs of citizens.
Besides, the members stressed “the importance of expanding the scope of enterprises and companies encompassed by Government bill 27.20, and prolonging the deadlines for presenting their interim financial statements and final accounts.”
The Committee members also tackled the “importance of engaging local authorities in the process of assisting and supporting vulnerable groups in remote areas, and increasing alertness and protective measures in factories to protect workers, including those operating in the manufacturing and distribution of face masks in the local market.” The members also discussed the “repercussions of social distancing on the economic fabric and production.”