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The Capital Market Authority Called on Listed Companies to Urge Shareholders to Use Automated Voting Technique, to Back-up Novel COVID-19 Prevention Endeavors
The Capital Market Authority called on shareholders, investors and companies listed in the Saudi Stock Exchange to benefit from automated voting technique, during general assemblies to be held in the coming period, in the context of supporting preventive and precautionary efforts and measures by the relevant and pertinent health authorities to address the novel Coronavirus (COVID-19). The authority urged listed companies that obtained approval to hold their shareholders 'societies to take measures that raise the participation rate through automated voting, in a way that reduces shareholders' attendance on one hand, and ensures the completion of the quorum, on the other hand. It is noteworthy that the automated voting service for companies listed in the Saudi financial market has been functioning, since April 2017, through (My Trades) system. Automated voting involves several benefits that enhance confidence in the financial market, by enabling shareholders to participate in the assemblies 'decisions for listed companies and providing the opportunity for shareholders to exercise their rights easily and smoothly, and reducing time and effort for shareholders located in faraway cities and geographic regions, across the Kingdom.
