Canadian insurance companies and banks have issued a joint statement regarding how they will handle annual general meetings next year over concerns that the COVID-19 pandemic may continue to be a global health risk in 2021.

The organizations that issued the statement included BMO, CIBC, Canadian Western Bank, Laurentian Bank, National Bank, RBC, Scotiabank, TD Bank Group, Great-West Lifeco, Canada Life, Manulife and Sun Life.

The insurers and banks announced in the statement that they have jointly obtained a court order that allows them to hold their annual meetings in 2021 – in whole or in part – using electronic means, such as webcast or teleconference instead of in-person meetings.

“The order was obtained because Canadian banks and insurance companies are not permitted to conduct an electronic annual meeting in lieu of an in-person meeting without relief from the court,” a statement from the organizations said.

The organizations had previously obtained a similar court order in March 2020, during the onset of the pandemic.

“We believe these precautions are prudent measures to protect the health and well-being of our stakeholders, while supporting shareholder and policyholder engagement and their ability to attend and exercise their rights,” the organizations said.

Specific arrangements for each of the organizations’ annual meetings will be announced separately prior to their scheduled date, a release said.