Every company considers votes of shareholder precious as these are the votes which enable a company to take all the vital decisions regarding its growth and development. Therefore, it is essential that each and every shareholder plays an important role in the decision making process. But sometimes they are unable to participate in the process because they fail to visit the meetings. This is very common problem which could be solved by incorporating virtual voting system. That means voting will be conducted using Shareholders Voting App and there is no need of shareholder to be present in-person. Shareholder can vote remotely and hence the communication between directors, management and shareholders becomes strong.
About the app
Once online system is implemented for shareholder voting, then shareholders have the opportunity to access and participate in the annual meeting remotely which is very useful for shareholders but it even useful for the organization as online voting process saves lot of money of the company. When there is in-person participation in the meeting there are lots of arrangements that the company has to make which incurs huge cost. This amount could be saved if the shareholders vote directly on an app by registering themselves there. The online platform is used not only for increasing the number of shareholder’s votes but it is also used for increasing the participation of the shareholders in the decision making procedures.
If online medium is implemented for the annual meetings, then these are some guidelines that the company has to follow:
- Safeguards: There must be protection features in the apps which is in the interest of the shareholders so that they can have the opportunity for dialogue which happens normally at in-person meeting.
- Ease to access: In order to provide the benefits of technology to the company as well as to the shareholder it is essential that they are able to use it easily on their device otherwise the usage can create more problem.
- Analysis cost: Before implementing the virtual voting process it is vital that a company analysis the cost that it has to incur. Before coming to a conclusion the benefits of other forms of meetings should be considered.
Technological advancements are taking place with time. In corporate governance various principles are formulated, amended and changed time to time according to the needs and requirements of the company as well as the shareholders. It is necessary that a company always adopt the best practices so that it can grow easily in the long run. When a company plans to implement the usage of shareholder voting app, then it must inform about the same in advance to all the shareholders and just informing is not enough, the viewpoints of each shareholder should be collected. The process of validating the meeting must be cleared in advance so that in the duration of voting there is no problem and ultimately online voting process makes the decision making procedure easy as well as fast.