The Lopez Group of Companies, also known as Lopez Holdings Corporation, is one of the biggest conglomerates in the Philippines, consisting of corporations that are part of several industries such as power generation, property development, broadcasting, and utilities.
Lopez Holdings Corporation and its subsidiaries such as, ABS-CBN Corporation, First Philippine Holdings, First Gen Corporation, and Energy Development Corporation held their annual stockholders meetings in 2020 and 2021 using the virtual ASM platform ConveneAGM, This is to comply with current guidelines and legislative requirements for virtual annual stockholder meetings.
Stockholder Registration
To ensure everything complied with their disclosures to the SEC, the Lopez Group of Companies had the registration form on the virtual ASM platform, customized to accommodate individual, corporate, joint, and PCD participant/broker stockholders.
For immediate verification and security, every registrant was required to upload a valid Government ID for the administrator’s review before they can proceed with their registration to the virtual ASM platform.
Voting in Absentia and the Election of Directors
Once a stockholder’s registration is verified and accepted, the stockholder was able to proceed to vote electronically via voting in absentia in the virtual ASM platform. Casting of votes within the platform was available up to a pre-determined date, after which the tally was validated and finalized for release during the ASM proper.
As important requirement for any virtual annual stockholder meeting was the support for cumulative voting for election of the directors of a corporation. This was no different for each of the companies and corporations under the Lopez Group of Companies.
A stockholder has the option to vote his shares for each of the nominees, not vote for any nominees, or vote for only some nominees. This can be done in any preferred number of shares the stockholder has, provided that the total number of votes cast does not exceed the number of shares owned by the shareholder, multiplied by the number of positions to be elected.
The virtual ASM platform automatically computes the total number of votes a stockholder is allowed to cast, based on the number of shares owned. This makes the virtual ASM auditors and jobs easier as the system automatically computes the proper amount of votes for each shareholder.
The efficiency of ConveneAGM to optimize the virtual ASM registration and voting process made it the premier virtual ASM platform that was used by majority of the corporations under the Lopez Group of Companies.
—
ConveneAGM is the virtual ASM solution for top organizations in the Philippines. Discover how the virtual ASM solution can help with your virtual meeting needs.