Korean retail giant Shinsegae Group said on March 5 it will introduce electronic voting at this year’s shareholder meetings for its seven listed firms to help boost shareholder interests.
The seven subsidiaries, including Korea’s biggest discount store chain E-mart decided to adopt e-voting at board meetings in late January, Shinsegae said.
“The introduction of e-voting will enable shareholders, who have not been able to attend annual meetings so far, to exercise their voting rights positively, thus enhancing their interests,” the group said.
Shareholders will be allowed to participate in e-voting for 10 days before the shareholder meeting day. They can do so via the website of the Korea Securities Depository, the state-run securities service provider.
The seven Shinsegae units are scheduled to hold their annual shareholder meetings from March 13-19.
E-voting has become a crucial means for listed firms to secure quorum at shareholder meetings after “shadow voting” was abolished in late 2017.
In shadow voting, the KSD voted on behalf of minor shareholders who transferred their voting rights to the agency. The practice made it easier for firms to meet the quorum required to vote on key corporate decisions.
By Ram Garikipati and newswires (firstname.lastname@example.org)