FahiVote – A Virtual AGM Solution for Shareholders

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Editor’s Note: The below article was provided to us from Maldives Securities Depository (MSD) regarding their virtual meeting application FahiVote. The article presented here is without any changes made to it, and presented in its full authenticity provided by the MSD.

An Annual General Meeting (AGM) is a mandatory meeting of Board Members and Shareholders of a company. Under the Companies Act of Maldives [Act No: 10/96], companies are required to hold its AGM within 15 months of the previous meeting. This requirement for AGMs is re-enforced for Companies listed on the Maldives Stock Exchange (MSE) under the Listing Rules, with a more specific requirement for AGMs of listed companies to be held within 05 months from the end of the financial year.

At AGMs, Shareholders can vote on important matters of the Company such as approving the Annual Report and Audited Financial Statements of the previous year, approving the proposed dividends and electing companies’ Board Directors. In addition, AGMs also allow Shareholders to directly engage with the Board and raise any concerns and queries relating to the performance of the Company.

In accordance with the Listing Rules of MSE, listed companies are required to publicly announce the date of AGM 14 days prior to the AGM date. This notice includes the Agenda of the AGM, registration details for shareholders and proxies, as well as previous AGM minutes, and Annual Report and Audited Financial Statements for shareholders information and consideration.

During the ongoing Covid-19 pandemic, restrictive measures on movement and gatherings have been imposed by relevant regulatory bodies in the Maldives. The market regulator, CMDA has issued a directive permitting virtual AGM’s to be held by listed companies during this period.

The Maldives Securities Depository (MSD) has been working closely with listed companies to offer a virtual solution for AGMs during this period. As such the first ever virtual AGM of Dhiraagu Plc has been successfully held online, on “FahiVote” in the Maldives.

FahiVote is a web application operated by MSD providing general meeting management solutions for Companies. FahiVote enables companies to pre-register shareholders as well as register proxies to the AGM through Infinty.mv, an online platform of MSD providing services to depository account holders in the securities market. FahiVote is a unique solution, which enables shareholders attending the event on all electronic means to send messages to the secretariat during agenda items, as well as cast live votes on voting items during the AGM, with real time vote results displayed to shareholder screens on FahiVote.

Other notable features of FahiVote include the dual language (Dhivehi/English) options for user screens, as well as video broadcasting functions embedded to the FahiVote system to improve user experience during AGMs. FahiVote has also been enhanced to enable invitee views for guest users and regulators to monitor the AGMs live.

In these unprecedented times, MSD has capitalized on technology and improved FahiVote services to enable listed companies to create wider participation and accessibility to their shareholders across the Maldives. The MSD congratulates Dhiraagu for conducting its first virtual AGM successfully through FahiVote and encourages all listed companies to use FahiVote to maximise shareholder participation in AGMs during times ahead.

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