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The Virtual Shareholders Meeting: How to make it work?

Authors
Publisher
International Association of IT Lawyers
Keywords
  • Internet.
  • Virtual General Meeting
  • Virtual Shareholders Meeting
  • Shareholders Rights Manager
  • Shareholders’ Meeting
  • Shareholders’ Rights

Abstract

A Virtual General Meeting (“VGM”) of Shareholders allows shareholders to communicate quickly, efficientlyand cost-effectively with each other and the Board. Shareholders receive a code that enables them to log on toa heavily secured VGM platform where they can observe the agenda, reports, proposals and other discussionpapers. Furthermore, a VGM- platform can retain a bulletin board, which allows shareholders to set up aconstructive dialogue with each other and the Board and hereby increase their information supply. Althoughmost jurisdictions require a physical shareholders’ meeting, since 2000 Delaware (USA) allows corporationsto hold their meeting solely online. Even though several corporations have held their shareholders meetingssolely online, they have not been a resounding success. The author attributes the limited success to threefactors: (1) The rights of shareholders are not sufficiently safeguarded, (2) negative publicity and (3) cold feet.The introduction of a new corporate figure, the Shareholders Rights Manager, could help to solve theseproblems so that the VGM will become the future of the corporate decision-making process.

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