Share Index Registry Covid-19 Information

Share Index Registry Covid-19 Information

We implemented a work from home model early 2020 in the face of COVID-19, but we don’t anticipate being one of the first to return to offices. 

We were uniquely positioned to respond quickly and allow folks to work from home given our emphasis on decentralization and supporting a distributed workforce capable of working from anywhere.

The past few months have proven we can make that work. So if our employees are in a role and situation that enables them to work from home and they want to continue to do so forever, we will make that happen. If not, our offices will be their warm and welcoming selves, with some additional precautions, when we feel it’s safe to return. 

Here’s how we’re thinking about the next few months:

• Opening offices will be our decision, when and if our employees come back, will be theirs. 
• With very few exceptions, offices won’t open before January 2021. When we do decide to open offices, it also won’t be a snap back to the way it was before. It will be careful, intentional, office by office and gradual. 
• There will also be no business travel before January, with very few exceptions, and no in-person company events for the rest of 2020. We will assess 2021 events later this year.

New guidance for holding successful AGMs & Company Events during COVID-19

With the global pandemic of COVID-19 continuing to impact businesses, there have been ongoing conversations between key industry groups about how annual general meeting (AGMs) should function with the 'Stay at Home' measures and limit on gatherings of more than two people.

The Chartered Governance Institute and other market stakeholders have been exploring alternative solutions to prioritise the public’s safety, whilst still allowing companies to meet their legal obligations and get the necessary shareholder permissions and authorities.

As a result, The Chartered Governance Institute has published some revised guidance to help companies who have an AGM coming up. The UK Government has indicated that it will deliver legislation to support these emergency measures on the operation of company general meetings - we will keep you informed when we know more details and in the event that similar measures are being considered in other countries.

When holding your AGM, you can now:

1. Hold a meeting behind closed doors- You can still hold your meeting. However, the format will need to change to comply with the 'Stay at Home' rules.
2. You need to make sure you meet the quorum requirements within your Articles, but beyond that, you should keep additional attendees to an absolute minimum.
3. Turn away shareholders- You can turn away shareholders from your meeting to avoid breaching the rules on public gatherings. You just need to make sure you have the minimum required attendees so your meeting is quorate.
4. Shareholders should be encouraged to lodge a voting instruction to appoint the Chairman of the meeting before the AGM. You may wish to consider offering a channel for shareholders to raise questions as they would have done at the physical meeting, perhaps via your website or a dedicated email address.
5. Consider remote participation- Whilst the guidance is silent on using technology to facilitate remote participation (such as holding a hybrid meeting), if you allow it in your Articles, you may wish to consider this.

What is a hybrid meeting?

A hybrid meeting allows your shareholders to participate remotely so they can be fully engaged throughout your meeting. The benefits include:

1. Flexible- Give shareholders the option of attending your AGM remotely.
2. Secure- Shareholders are fully authenticated at point of use.
3. Interactive- Shareholders can ask questions and vote in real-time.
4. Variety of remote options- Hold your meeting as a webcast with video or use audio and presentation slides. You can also choose whether shareholders can vote remotely or not.