Qatar temporarily allows e-voting during AGMs of listed companies

Qatar has temporarily allowed public and private joint stock companies to allow remote e-voting during the general assembly meetings as part of measures to prevent the spread of the pandemic Covid-19.“The listed public shareholding companies and private joint stock companies may, when the need arises, hold remote general assembly meetings and vote on the decisions of the general assembly using modern electronic devices,” said the Ministry of Commerce and Industry’s Circular No (4) of 2020.The move comes after reviewing the decision of the Supreme Committee for Crisis Management on the preemptive measures to prevent all forms of gatherings and in line with the law and the efforts undertaken by Qatar to fight the coronavirus global outbreak and limit its transmission.The ministry categorically said the circular is effective upon its issuance, and “will no longer apply when the exceptional circumstances (of Covid-19) come to an end.”The move also comes within the framework of easing procedures for the listed public shareholding companies or private joint stock companies that cannot hold general assembly meetings under these circumstances.It also comes after reviewing the provisions of the Commercial Companies Law No (11) of 2015, and after co-ordinating with the Qatar Financial Market Authority.However, the ministry has put forth certain conditions for the companies while undertaking remote e-voting.The companies should establish an electronic voting mechanism on the assembly’s decisions and enabling shareholders to discuss the topics on the meeting’s agenda, and to asking questions to the board of directors and auditor and responding to them.They should also outline the voting procedures on articles and publish the mechanism on the company’s website.The companies should also establish an electronic registration mechanism for shareholders, auditor and the representatives of all parties that must attend the meeting. They should also announce the mechanism in two daily local newspapers, including at least one in Arabic, and on the company’s website.The entities should keep a visual and audio recording of the meeting and deliver the copy of the meeting to the supervisory authorities. The meeting’s chairman should clarify at the onset of the meeting the percentage of shareholders participating electronically, in line with the legal quorum for the meeting for the decisions.The companies should prepare the final report on the votes when it comes to shareholders who voted remotely, and should draft a report of the meeting’s minutes in line with the provisions of the Commercial Companies Law.