NZ shareholders will soon be able to vote online for key company decisions and we wholeheartedly support the initiative. At present shareholders have to vote by post through a proxy voting form, or attend annual and special meetings in person, or nominate a proxy to vote on your behalf if you can’t be there.

In many countries electronic voting is already part of corporate culture and decision making processes. The only thing that’s prevented New Zealand from following suit is the fact that our current legislation makes no provision for electronic voting. The technological capacity is here, and the Ministry of Economic Development is currently making changes to the Companies Act 1993 to make this happen.

We strongly support the policy behind the move, because we believe:

• Online voting can increase shareholder participation in corporate decision making
• It will encourage more shareholders who can’t physically attend meetings to participate remotely
• It should reduce administration costs and complexities for companies – especially those associated with printing and mailing.

Photo supplied by Freedigitalphotos.net and photographer Fransesco Marino:

http://www.freedigitalphotos.net/
http://www.francescomarino.org/

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Posted by Merja on August 4th, 2010 :: Filed under General, Law
Tags :: Companies Act, company decisions, electronic voting, MED, New Zealand, NZX, online, online voting, proxy voting, shareholder electronic voting, Shareholders
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