Shareholders at Access Bank’s virtual AGM In response to the COVID-19 pandemic, two indigenous firms have embarked on an initiative to partner public listed companies in the country to hold their Annual General Meetings (AGMs) electronically.
The firms — Npontu Technologies Limited, which is into IT, and Novelty Innovations, a videography firm — have already provided virtual solutions for Access Bank to successfully hold the first virtual shareholders’ meeting in the country in the COVID-19 period.
In Ghana, companies have a statutory obligation to hold their AGMs by the end of their financial year.
However, as social distancing rules continue, many industry players believe virtual AGMs is the way to go this year.
The Registrar of Companies in Ghana announced that companies should explore virtual options for their AGMs in keeping with the social distancing precautions against the disease.
In line with that, the Securities and Exchange Commission (SEC) issued guidelines on holding virtual AGMs by issuers and other capital market operators.
Interest growing
Advertisement Website Development Vacancy Speaking to the Daily Graphic yesterday, the Chief Marketing and Operations Officer at Npontu, Ms Deborah Asmah, said on May 28, 2020, Npontu and Novelty assisted Access Bank PLC to be the first company to take up this challenge of holding a virtual AGM.
“The use of digital technology to facilitate the live streaming of the AGM and to enable participation and voting by all shareholders were done in accordance with the guidelines issued by SEC,” she said.
Interest
Ms Asmah said a number of companies had expressed the desire to hold the virtual shareholders’ meeting.“We have engaged some companies, including Cal Bank, Total Ghana Limited and UMB Bank. All of them were waiting for the Access Bank meeting to see if it would work,” she said.She submitted that “when it comes to technology, Ghanaian firms have it. Some people wanted to use foreign solution in the COVID-19 period, but when it comes to technology, it is better to have one that understands our environment.”Ms Asmah said although virtual AGMs were not popular in the life of Ghanaian companies, the story of Npontu and Novelty collaboration appeared to have broken the barriers.“We dare say that virtual AGMs have come to stay and the MTN 2019 story and the Access Bank in 2020 show that relevant technology and innovation is the key to achieve exploits hitherto not considered,” she stated.