Newest Approach To AGMs: FahiVote

Developing and evolving businesses need tools that support efficient operations. Even the simplest tool can make a big difference in enhancing user experience.

One of these tools is FahiVote, developed by the Maldives Securities Depository (MSD).

The web-based application was first developed and introduced in 2017. Dhiraagu PLC, the telecommunications giant, had used the application in their last two Annual General Meetings. Dhiraagu AGM held on the 14th of May 2018, was conducted with the attendance of 53 shareholders representing 71,416,001 shares. Dhiraagu shareholders used FahiVote for voting on all voteable agenda items, and experienced first-hand, live voting and instant results during the AGM.

‘FahiVote is an end-to-end solution for companies to manage their general meetings. We aim to offer value through efficiency and greater connectivity. Online accessibility to FahiVote services ensure wider participation by shareholders of companies. It is indeed the right time for listed companies to embrace the positive developments of the 21st century technology to cater better to the needs of shareholders and investors. We acknowledge the trust and confidence placed on MSD and FahiVote by Dhiraagu and take this opportunity to congratulate the company for being an exemplary stakeholder committed towards enhancing the experience of shareholders in partnership with us,’ said Noorbaan Fahmy, Chief Operating Officer of Maldives Stock Exchange and MSD.

The core concept of FahiVote is simple.

‘Clients to create an event, send notice to shareholders/members, create agenda, add proxies and pre-register for event online through FahiVote services rendered via Infinity . Infinity is an online self-service portal developed by MSD, enabling online subscriptions to public offerings as well as online access to individual information of securities depository account holders,’ MSD said.

Using FahiVote, clients can simplify the whole process of an AGM, allowing them to electronically manage proxy and registrations from one access point. Traditionally, these would be carried out manually. Additionally, clients can also generate registration lists, voting results and agenda resolutions.

Designed for smartphones and tablets, the design of the application is minialist allowing ‘maximum end-user efficiency during events’. The application comes in both Dhivehi and English, with the user deciding on the preferred language option. The entire application is topped with enhanced security features, which includes secure access IDs and unique passwords, ensuring maximum security.