Online voting at AGMs in demand as coronavirus spreads - Swiss tech firm
05/03/2020 09:15
By John Revill
ZURICH, March 5 (Reuters) - Online voting at annual
shareholder meetings (AGMs) has jumped since the coronavirus
outbreak as investors shun large gatherings because of travel
restrictions or fear of infection, Swiss tech firm Sherpany
said.
The company, which counts Swiss giants Novartis NOVN.S ,
Nestle NESN.S and Zurich Insurance ZURN.S among its 300
clients worldwide, provides a secure internet platform which
lets shareholders vote on motions until the day before AGMs.
"We have had a big increase in usage so far, and the AGM
season is only just beginning," Sherpany Chief Executive Tobias
Haeckermann told Reuters.
"At this year's Novartis AGM, we saw the amount of votes
being sent through our system increase by 42% compared to last
year," said Haeckermann, one of three founders of the company
set up in 2011.
"We don't know if coronavirus is the only factor behind
this, but it is helping."
Voting via secure online platforms is becoming increasingly
popular, with companies such as Lumi, POLYAS and Simply Voting
offering similar services.
In a move to contain coronavirus, Switzerland last week
temporarily banned events with more than 1,000 people, which has
made planning difficult for companies as the AGM season kicks
off in earnest this month.
Bell Food Group BELL.S which makes and distributes meat
products to supermarkets, has postponed its March 17 AGM, while
food and beverage company Orior ORON.S and Hypothekarbank
Lenzburg HBLN.S have delayed their events also due in March.
Zurich Insurance advised shareholders to vote by proxy and
stay away from its AGM. Other Swiss companies such as
engineering group ABB ABBN.S and insurer Swiss Life SLHN.S
have said they are closely monitoring the situation.
"There is a big question mark about what you do with an AGM
if you expect more than 1,000 people to take part," said
Haeckermann, referring to the Swiss ban on large gatherings.
"This is not just true for Swiss blue-chip companies but
also many of the smaller ones who have a large retail
shareholder base," he said.
Sherpany, which employs 110 people, works via a licensing
model in which companies are charged according to how many
shareholders use its platform for online voting.
Haeckerman said company boards and executives had also been
using Sherpany's remote meeting platform more this year.
($1 = 0.9563 Swiss francs)
(Reporting by John Revill; Editing by David Clarke)
((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))