(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: The Ministry of Commerce and industry (MoCI) organised a seminar to announce the launch of the electronic system for arranging general assemblies of shareholding companies. The seminar was attended by representatives from shareholding companies and audit offices.
This initiative is a result of the collaboration between the Ministry of Commerce and Industry and EDAA, Qatar's Central Securities Depository. The objective of this digital platform is to enhance shareholder participation effectively by providing the service of conducting annual general meetings for shareholding companies remotely, facilitating electronic voting for shareholders on presented agenda items during general assemblies. It ensures immediate access to voting results and the final general assembly report, with the aim of offering flexibility to shareholders and their representatives, facilitating access to general assemblies of shareholding companies and streamlining the voting process on agenda items.
The digital platform also seeks to emphasize the significance of shareholders' roles in fully and effectively practicing their voting rights during annual general assembly meetings through the convenience of remote meetings, ultimately enhancing shareholder participation.
In his statement for this occasion, Salem bin Salem Al Mannai, Director of the Corporate Affairs Department at the Ministry of Commerce and Industry, commended this platform. He emphasized that the introduction of the digital platform, through collaboration between (EDAA) and the Ministry of Commerce and Industry, for conducting remote general assemblies, would significantly contribute to streamlining the establishment, management, and organization of general assemblies, facilitating remote voting and decision-making processes.
He added,“This initiative aligns with the Ministry's efforts to facilitate investment and commercial activities in the country by removing barriers for investors, safeguarding them from unfair practices. It aims to enhance the development and organization of the commercial companies' sector, offering comprehensive support and improving the regulatory environment through the development of tools that help companies achieve the highest level of compliance with the law. This initiative supports the Ministry's digital transformation efforts in line with the goals of the Qatar National Vision 2030.”
Sheikha Jawaher bint Mohammed Al Thani, Head of the Control and Inspection Department at the Ministry of Commerce and Industry, presented introductory videos about the digital platform during the seminar. In her speech, she highlighted the Ministry's dedicated efforts to introduce this system to the public, aiming to enhance the management and organization of general assembly meetings for companies. She emphasised the program's role in achieving the highest standards in the field of corporate governance. Sheikha Jawaher also highlighted the program's significance in streamlining the work of investors and shareholders, thus improving the operations of shareholding companies and contributing to the overall economic development in the country.
Sheikh Saif bin Abdullah Al Thani, CEO of Qatar Central Securities Depository Company (QCSD), stated,“EDAA is pleased to announce the initiation of the Electronic Annual General Assemblies (E-AGM) system in the State of Qatar. This signifies a crucial advancement in our path towards the digital transformation of corporate governance. This step highlights our dedication to encouraging a more efficient and transparent business environment, in line with our national vision of adopting digital solutions for a smarter future.”
He added,“Embracing the Electronic Annual General Assemblies system is pivotal for improving shareholder participation, ensuring adherence to the standards of regulations and laws, and ensuring the highest levels of security and transparency.”
Moreover, presentations were conducted to familiarise listed shareholding companies with the mechanism and process of utilizing the new platform for submitting requests to hold general assemblies to the Ministry electronically. Furthermore, shareholders were introduced to the steps for registering to attend general assembly meetings and other services offered by the platform.
At the end of the seminar, representatives from the Ministry and (EADD) addressed questions from the audience regarding the digital platform.
Shareholders and stakeholders can obtain comprehensive information about the recently implemented general assembly's system and stay updated on the latest developments through the Ministry's website and the (EDAA) website at: href="" go
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