Banks and insurance companies obtain court order to allow virtual AGMs in 2022

Bank skyscrapers are seen from Bay Street in Toronto's financial district, on Wednesday, June 16, 2010. THE CANADIAN PRESS/Adrien Veczan

TORONTO -

Canada's big banks and insurance companies say they have obtained a court order that will allow them to hold their annual meetings next year as electronic-only or as hybrid meetings.

The order was announced in a joint statement by BMO, CIBC, Canadian Western Bank, Laurentian Bank, National Bank, RBC, Scotiabank, TD Bank Group, Great-West Lifeco, Canada Life, Manulife and Sun Life.

It follows similar orders obtained by the companies in March 2020 and December 2020.

The banks and insurance companies says they are not allowed to hold an electronic annual meetings in lieu of an in-person meeting without a court order.

The institutions say they are considering ways to improve the meetings based on their experience from their 2020 and 2021 annual meetings.

The specific arrangements for each meeting will be announced separately.

This report by The Canadian Press was first published Dec. 6, 2021

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