The Securities and Exchange Commission of Pakistan (SECP) has granted permission for listed businesses to use E-Voting to make critical decisions at their annual general meetings.
On Wednesday, senior SECP officials informed media that the SECP has created a precise protocol for e-voting for listed businesses.
In the case of e-voting, the company secretary shall send an email to members containing the web address, login information, password, dates for casting e-votes, and other pertinent information.
To ensure secrecy, security codes must be created through SMS from the e-voting service provider’s web portal or through electronic signature within seven days of the poll being demanded, and not later than seven days before the date of the general meeting in the case of director elections.
The company secretary is responsible for ensuring that the agenda item for which the poll was requested is accurately posted to the web portal of the e-voting service provider and for resolving any concerns of members in order for them to vote via e-voting.
The company secretary must work with the share registrar and e-voting service provider to ensure that participation instructions are distributed to members prior to the meeting.
The company secretary must also verify that a backup plan is in place in the event of an electronic outage.
According to the e-voting procedure, the Company Secretary must ensure that the e-voting facility is open for at least three days and closes at 1700 hours (Pakistan Standard Time) on the day before the poll, and the identity of members intending to vote via e-voting must be authenticated through electronic signature or login authentication (email and SMS).
The Share Registrar shall protect the confidentiality of information at all times, particularly when the Share Registrar simultaneously serves as the E-voting service provider.
The share registrar must ensure that no such conflict of interest exists in carrying out its duties.
Officials noted that proper preparations have been made for the meeting at which the appointment of the Registrar will be discussed.
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