Abu Dhabi Securities Exchange (ADX) announced that it will be managing remote e-voting for Annual General Meetings (AGMs) of companies listed on the Exchange free of charge. This move will enable a crucial aspect of AGMs to be carried out remotely and will apply to AGMs taking place from the 17th of March until the end of April 2020.
This ability is facilitated through an attribute of SAHMI, ADX’s integrated services’ digital platform – a well-established programme compatible with Smartpassthat allows users to access all services provided by the Exchange.
ADX will provide the remote e- voting service to its listed companies without incurring any fees for its implementation. The measure answers to the need of providing value-added services to support the private sector, in light of the current market turbulences. The approach is aligned with ADX’s business development strategy and commitment to comprehensively utilize digital services to reach higher customer satisfaction, while actively enhancing the global business environment.
The provision of this service comes at a time when the Exchange is proactively taking immediate measures that deal with current accelerating international changes. The initiative is aligned with all the preventive measures recently taken by the UAE Government towards reducing global health risks. By reducing the need for group meetings and empowering remote meeting capabilities, ADX’s strategy achieves the highest levels of safety standards in the current period.
The electronic voting service through Sahmi digital platform enables investors to vote remotely on the general assembly of companies in which they own shares. The e-voting system will contribute to increasing the rate of effective corporate management participation and positively raise performance levels. The service will also reduce operational costs that can stem from the postponement of meetings when the quorum of participants is not complete. Such scenarios can result in delaying the issuance of decisions such as cash dividend distribution to shareholders.
ADX confirmed the conduction of coordinated consultations with the listed companies in order to facilitate the implementation of the Securities and Commodities Authority (SCA) instructions to make the e-voting mechanism available remotely.
“SAHMI” digital platform provides integrated services, foremost of which are the issuance of an investor number, updating data and information for investors, as well as transfer of securities and issuance of various reports related to investor’s portfolio in addition to access all investor data.
ADX has built an advanced digital system infrastructure that qualifies it to deal with any emerging situation or crises that could affect the continuity of trading. It includes an electronic subscription platform that enables to fill out the electronic subscription applications through the subscription site, as well as ADX digital wallet powered by Payit to distribute cash dividends to investors directly to their bank accounts.
Aside these communication platforms and to ensure business continuity, ADX recently introduced remote working to empower all employees to work outside of their offices. This also comes in response to Abu Dhabi’s aim to encourage the business community to take all necessary preventive measures to prevent health risks due to gatherings in the current period.
