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Financial Services Law Insights and Observations

Minnesota issues executive order allowing shareholders flexibility to hold remote meetings

State Issues Covid-19 Minnesota Shareholders

State Issues

On April 24, the Minnesota governor issued an executive order permitting Minnesota businesses and shareholders of corporations subject to the reporting requirements of sections 13(a) and 15(d) of the Securities Exchange Act of 1934 to conduct remote shareholder meetings, provided that certain requirements are met. Additionally, if it is impracticable for a corporation to convene a currently noticed meeting of shareholders at a physical location due to Covid-19, the corporation may adjourn the meeting to another date or time, to be held by remote communication, provided certain requirements are met.