Transforming the landscape for stockholders’ and members’ meetings in the Philippines

Voting in absentia and Live questions
Stockholders were able to cast their votes ahead of the meeting through ConveneAGM’s voting in absentia platform. It also supported cumulative voting for the election of directors of a corporation. In the case of the Metrobank, there were a total of twelve (12) seats to be filled.
Metrobank also entertained questions during the meeting. They delegated a moderator to read out questions submitted to ConveneAGM. The moderator would then direct the question to the Chairman or any of the directors in the meeting.
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The Philippine Stock Exchang–Proxy to another personthe national stock exchange of the Philippines — held its virtual Annual Stockholders’ Meeting last July 2nd, 2021 with all directors and stockholders joining remotely. Here’s how the PSE delivered all that was required for their ASM:
Proxy to another person
With ConveneAGM’s intelligent proxy holder feature, proxy holders need only to claim a code and will be able to cast votes for their own shares (if they are stockholders) and for the shares they proxy–all in a single set of credentials. From the voting form, they will be able to see their number of shares, the names of the stockholders they proxy and their respective number of shares. The voting form will also indicate if the stockholder has provided any instructions on their proxy form or not.
Election of Directors
An important requirement for any stockholder meeting is the ability to support cumulative voting for the election of directors of a corporation. In the case of the PSE, there were a total of fifteen (15) seats to be filled. For the election item, the number of shares of the stockholder will be multiplied by fifteen and the product will be the total number of votes they can cast among the different choices.
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Lopez Holdings Corporation and its subsidiaries, namely: ABS-CBN Corporation, First Philippine Holdings, First Gen Corporation, Energy Development Corporation held their Annual Stockholders’ Meetings in 2020 and 2021 via ConveneAGM, their virtual ASM solution of choice. To comply with the current guidelines for virtual meetings, here is how the Lopez Group conducted their virtual ASMs:
Stockholder registration
To ensure everything complies with their disclosures to the SEC, the Lopez Group had the registration form on the platform customized to accommodate Individual, Corporate, Joint, and PCD Participant/Broker stockholders. For further verification, every registrant was required to upload a valid Government ID for the administrator’s review before they can proceed with their registration.
Voting in absentia and the Election of Directors
Once a stockholder’s registration is verified and accepted, the stockholder can now proceed to vote electronically via the voting in absentia platform, which is available up to a predetermined deadline. This platform also supported cumulative voting for the Election of Directors.
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