Government & Politics

SECP Allows Listed Companies to Use E-Voting for Making Important Decisions

The Securities and Exchange Commission of Pakistan (SECP) has allowed the listed companies to conduct E-Voting for taking important decisions during their annual general meetings.

Senior SECP officials informed ProPakistani on Wednesday that the SECP has devised a detailed procedure for e-voting for the listed companies. In case of e-voting, the company secretary shall provide members with web address, login details, password, dates of casting e-vote, and other necessary details through email.

In order to maintain confidentiality, security codes shall be generated through SMS from the web portal of the e-voting service provider or electronic signature within seven days from the day on which the poll is demanded and in case of election of directors not later than seven days before the date of the general meeting.

The company secretary shall ensure that the agenda item for which the poll was demanded is correctly uploaded to the web portal of the e-voting service provider and shall resolve any grievances of members to enable them to cast their votes through e-voting.

The company secretary shall coordinate with the share registrar and e-voting service provider to ensure that participation instructions have been shared with the members prior to the meeting. The company secretary shall also ensure that a contingency plan is in place in case of electronic disruption.

The procedure for e-voting revealed that the Company Secretary shall ensure that the facility for e-voting shall remain open for not less than three days and shall close at 1700 hours (Pakistan Standard Time) on the date preceding the date of the poll and the identity of the members intending to cast vote through e-voting shall be authenticated through electronic signature or authentication for login (email and SMS).

The Share Registrar shall ensure that confidentiality of information is maintained at all costs and especially in such cases where Share Registrar is also serving as the E-voting service provider. Share registrar shall make sure that no such conflict of interest exists with regard to discharging of its duties. For example, appropriate measures have been taken for the meeting in which the matter of appointment of Registrar is to be considered, officials added.

Source: Pro Pakistan