The Financial Express

Securities regulator for introducing e-voting system

| Updated: March 11, 2021 17:22:22

Securities regulator for introducing e-voting system

The securities regulator has asked the listed companies to introduce e-voting system apart from existing physical system of casting votes by the shareholders at general meetings.

To this effect, the Bangladesh Securities and Exchange Commission (BSEC) on Wednesday issued a directive to ensure more transparency at the companies' annual general meetings (AGMs) or extra-ordinary general meetings (EGMs).

Using the hybrid system for conducting AGMs or EGMs, an issuer company will have to notify its shareholders the venue and web-link for joining the meeting through online platform with intimation to the commission and the stock exchanges.

"The BSEC has introduced the e-voting system to ensure more transparency through the greater participation of shareholders at the listed companies' general meetings," said Mohammad Rezaul Karim, a BSEC spokesperson.

The newly introduced facility will include the agenda wise option of casting vote either for or against each of the resolutions.

"An issuer company shall have a facility to exercise shareholders' voting rights on the proposed resolution to be considered at the general meetings ensuring voting rights through physical or paper ballot or through e-voting system," the BSEC directive reads.

It said the voting system must have a pre-registration facility to ensure the attendance of shareholders who will exercise their voting rights.

The issuer company will have to send proxy form in the form of hard or soft copy so that a shareholder's proxy can cast vote either for or against each of the agenda or resolution.

"An issuer company shall provide one-way live or live streaming or webcast of the proceedings of its general meeting," said the BSEC directive.

It also said the concerned stock exchanges may nominate any of its senior officials to observe the whole voting process at the general meetings.

"The due process of election and detailed information on voting results shall be authenticated by the concerned stock exchanges or any independent scrutiniser as appoint by the issuer company."

And the authenticated report shall be submitted to the commission within 48 hours of concluding general meetings, according to the directive of the securities regulator.

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