Luxembourg adopts measures to facilitate holding of meetings in companies and other legal entities during „Covid-19“

As the epedemic of the COVID-19 virus has immediate consequences on the good governance of companies and other legal persons, including public establishments, public interest groups or non-profit associations, the Grand-Ducal Regulation of 20 March 2020 concerning the holding of business meetings in companies and otherlegal entities was introduced based on Article 32, paragraph 4, of the Constitution,and provides, with immediate effect, a mechanism enabling companies and other legal entities to hold their meetings, in particular their general assemblies and board of director meetings, without members being physically present.

This emergency mechanism will thus enable companies and legal entities to hold their meetings without requiring the physical presence of their members, while guaranteeing their effective participation and the exercise of their rights, by meansof distance voting, written circular resolutions, videoconferencing or any other means of telecommunication.

Furthermore, with regard to the holding of annual general assemblies, businesses, non-profit associations, public establishments and other legal entities may, notwithstanding any other provisions to the contrary such as in articles of association or corporation, convene them on a date that is within the six-month period following the end of their fiscal year, or on a date that is within the period up to 30 June 2020.

Press release by: Ministry of Justice