ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to give the right to vote through electronic voting facility to the members of every listed company.
The SECP has notified SRO 569 (I)/2022 to issue a draft amendment to the Companies (Postal Ballot) Regulations, 2018, here on Tuesday.
Under the amended regulations, the right of vote through postal ballot shall be provided to members of every company. Moreover, the right to vote through electronic voting facility shall be provided to members of every listed company for all businesses classified as special business and in case of election of directors, if the number of persons who offer themselves to be elected is more than the number of directors fixed.
In case of election of directors and transactions specified as special business, a listed company shall send information to members, not later than seven days before the date of general meeting, the SECP said.
Where, in addition to e-voting, the option of voting through ballot paper is provided by the company in case of election of directors or transactions specified as special business, the company shall publish the ballot paper and information as provided in newspapers and also upload the ballot paper on its website not later than seven days before the general meeting.
The Board of a listed company, for the purpose of voting, shall appoint at least one scrutinizer for the businesses including sale of sizeable part of assets/undertaking; investment in associated companies and election of directors.
The scrutinizer appointed shall be the statutory auditor of the company or any other auditor fulling requirements stated in section 247 of the Act and having satisfactory QCR Rating from the Institute of Chartered Accounts of Pakistan (ICAP) and shall have expertise of independently assessing the voting process.
The scrutinizer appointed shall ensure that satisfactory procedures of the voting process are in place; validate the voting results compiled by the Company which includes votes cast in person, through proxy, video-link and postal ballot immediately after the conclusion of the voting.
In case of e-voting, ensure presence at the time of unblocking the votes by the chairman and available in the general meeting and observe the count of the votes cast, either manually or electronically.
The scrutinizer appointed shall ensure that there is no duplication of votes cast, either manually or electronically; maintain a record of shareholders, either manually or electronically, the assent and dissent received along with the particulars of name, address, folio number and number and value of shares held and maintain the record of the votes that are considered invalid; and perform any other role and responsibility as may be specified by the Commission from time to time.
The scrutinizer shall maintain a register either manually or electronically to record the assent or dissent received in a format as provided in Annexure III. The scrutinizer shall submit to the chairman a duly signed consolidated report on result of the voting as soon as possible on the same day of general meeting on the format as provided in Annexure IV of these regulations, the SECP added.
Copyright Business Recorder, 2022
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