The Capital Markets Authority acting CEO Wyckliffe Shamiah, said the Authority is now allowing the progression of some of the activities usually sanctioned during Annual General Meetings (AGMs) for listed companies.
"Given the need to postpone AGMs, to help eligible shareholders access dividends during these difficult circumstances, the respective boards of issuers of securities have been allowed to proceed to declare and pay the dividends to their shareholders," he said.
The boards of listed firms have also been allowed to progress the appointment and remuneration of auditors.
Board decisions on these matters will need to be tabled at the AGMs, once convened, for ratification.
This follows an earlier decision by CMA to relax disclosure obligations in relation to the publication of financial statements in two newspapers of national circulation until 30 June 2020.
However, firms that do not have any challenges publishing their financial statements as normal in the newspapers were encouraged to do so.
In addition, NSE chief executive Geoffrey Odundo said the business continuity plan of the Exchange has been operationalized to support online and mobile trading with a URL available on NSE’s website.
"The industry is also encouraging local firms capable and approved by the Ministry of Health to produce supplies required to combat the Covid-19 pandemic to raise capital through the NSE including Ibuka, with some of the compliance requirements eased for them by the CMA," he said.
The Central Depository and Settlement Corporation (CDSC) chief executive Nkoregamba Mwebesa, added that through its Business Continuity Plan, CDSC has ensured settlement continues through secure remote links with all settlement participants.
Investors are also able to check their portfolios using the CDSC Mobile App, and their various queries are being addressed through social media platforms.
"These measures are aimed at ensuring that investors have remote access to the market through various channels, with the ability to easily buy or sell their securities with minimal physical movement and contact in line with the Ministry of Health Directives," he said.
The industry players are keen to ensure that the capital markets remain functional and accessible during this challenging period.
The exit by some foreign investors from the market has created an opportunity for local retail and institutional investors to take advantage of the undervalued shares of listed companies.
Domestic institutional investors such as Pension Schemes, Collective Investment Schemes and Insurance Companies with a long-term investment horizon are encouraged to invest in blue-chip listed companies during this period.
This is subject to existing limits on asset class investments set out by their respective regulators.
