Starting in January, large listed companies with assets exceeding 2 trillion won will be required to hold electronic shareholder meetings. In response, the Korea Securities Depository will unveil its 'electronic shareholder meeting platform' in October.
The Depository announced on the 20th that it is building the platform to comply with the revised Commercial Act, and it plans to open after conducting user testing and final functionality checks. Following a pilot operation with select users, the platform will fully support electronic shareholder meetings for listed companies starting in January.
The platform will feature various functions to facilitate smooth electronic shareholder meetings for listed companies. It will expand the existing K-VOTE system, which allowed electronic voting until the day before the meeting, to include online voting on the day of the meeting, both electronically and in-person. Foreign shareholders will also be able to participate in electronic meetings and exercise their voting rights using a shareholder identification number and password, just like domestic shareholders.
Additionally, the platform will allow listed companies to broadcast videos of their in-person meetings to all shareholders at no extra cost. For regular and extraordinary shareholder meetings concentrated in March, a reservation system will be introduced to encourage the distribution of meeting dates among large listed companies.
The platform will enhance convenience for shareholder participation. Shareholders will be able to ask questions and make comments via voice, and in-person meetings will support online voting and tallying using mobile devices. Accessibility will be improved by offering various authentication methods and allowing access via mobile devices and tablets.
The Depository stated, "We expect that the launch of the electronic shareholder meeting platform will significantly enhance convenience for shareholders and listed companies. The inconvenience faced by small shareholders, who previously had to take time off to attend meetings in person, will be alleviated, and foreign shareholders will be able to exercise their voting rights in the same environment as domestic shareholders."
In the fourth quarter, the Depository plans to hold a pilot electronic shareholder meeting in collaboration with the Ministry of Justice and the Korea Listed Companies Association to conduct a rehearsal. It will also provide practical training courses for personnel in charge of listed companies to support the smooth conduct of electronic shareholder meetings.
* This article has been translated by AI.
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