6 Important Things to Consider Before Running Shareholders Meeting Online
September 10, 2020
Meetings are a venue for new and innovative ideas. Shareholder meetings tell where the company is and where it is heading. This is where stakeholders aim to discuss new directions for the company and receive feedback on the spot. This exercise is a communication driver behind the organisation’s success and in many cases a legal requirement.
In light of having social gatherings during the pandemic, companies worldwide need to consider holding their general meetings virtually.
Here are 6 things to consider before running shareholders meeting online:
1. Defining the purpose of the shareholder meeting
The most common form of shareholders meeting is the Annual General Meeting (AGM), where directors, officers/executives, and shareholders meet for:
- Appointing the board of directors;
- Agreeing to compensation and dividend payments;
- Selecting auditors;
- Discussing resolutions on particular matters submitted to the AGM;
- Allowing shareholders to ask questions of the board and management of the company.
Some companies also call for an Extraordinary General Meeting (EGM). This meeting serves to consider serious or urgent matters that cannot wait until the next AGM. For example, in some jurisdictions, shareholders need to meet to determine whether to put the company into a bankruptcy, administration, or liquidation process. Source
2. Attending shareholders or members
A successful and effective business meeting is one that is well planned. That involves sending invitations in advance, assigning program managers, and setting the agenda of the event.
- How do you know who’s attending and how do you meet your quorum?
- How and when do you provide the meeting documentation to the members?
- How do you allow for non-attending members to appoint a Proxy?
It is important to have a trusted third-party meeting portal that provides structured meetings online. Vero AGM offers the best of both virtual or hybrid annual general meetings. Vero can show a real-time number of attendees and any lodged Proxy forms on the account manager’s dashboard. It also allows for important documents and information to be shared through a secure platform prior to the meeting.
3. Preparing and facilitating Q&A session
It’s necessary to allow members to voice their opinions and be heard throughout the process. However, giving everyone access to the “microphone” is fraught with danger as this opens the flood gates to a raft of technical issues that cannot be controlled.
To create a safe and secure online meeting environment, a meeting manager, and a platform that can provide Q&A shared feed is essential. This is where members can voice out their queries by simply submitting a comment on the Q&A section.
In order to facilitate a healthy Q&A session, the meeting manager can filter relevant questions and suggestions before publishing it.
4. Voting online
Generally, the requirement to vote on resolutions, raise a motion, and elect board members before and during shareholders meeting is crucial to the success of the meeting.
The voting process should be secure and user friendly. It should also be impartial and independent. Results will need to be available within a timely fashion especially if it is conducted during the event. The voting process also needs to satisfy the constitutional documents of the company.
With Vero Voting, participants will be able to vote on resolutions, raise a motion, and elect board members.
5. Hosting the virtual meeting
Running an online LIVE meeting is very similar to physical events. On the other hand, we need to understand its differences. Creating a run sheet that steps through the meeting will clearly outline the meeting scheduled workflow and decreases the possibilities of technical difficulties.
6. Selecting the right software provider to use
The organisers need to ensure that the virtual meeting is compliant and has the following services:
- Web conferencing software scalable for any size of an organisation
- Trusted and secure voting is key
- Support and help clients walk through the software end to end
- Tried and tested software for AGMs and online voting
Why Vero is the best platform for structured meetings
- Allows webcasting (live video feed) and sharing slideshow
- Handles secured voting and proxy votes prior to and during the meeting
- Provides real-time dashboard for results and displays voter participation
- Delivers live results once voting is completed
Efficient meetings save time, money, and resources of the company. Organisations should make sure to carry out their remote meetings on a platform that is secure and fully compliant.
Need more assistance in hosting AGM online? We’d be happy to assist you and run you through it.