{"id":263,"date":"2020-06-10T11:00:59","date_gmt":"2020-06-10T09:00:59","guid":{"rendered":"http:\/\/innovoto.com\/?p=263"},"modified":"2023-10-02T12:32:43","modified_gmt":"2023-10-02T10:32:43","slug":"general-meetings-during-the-state-of-alarm","status":"publish","type":"post","link":"https:\/\/innovoto.com\/?p=263&lang=en","title":{"rendered":"General meetings during the State of Alarm"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
<\/div>\n\t\t\t\t\t\t
\n\t\t\t\n\t\n<\/svg>\t\t<\/div>\n\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t

GENERAL MEETINGS DURING THE STATE OF ALARM<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/header>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

Among the exceptional measures approved by the Government during the State of Alarm, we find the\u00a0Royal Decree \u2013 law 8\/2020<\/a><\/strong><\/span>\u00a0that, in articles 40 and 41, establishes the framework of action for the companies in relation to the shareholders\u2019 meetings. In this publication we explain you what the legislation says and which tools\u00a0EADTrust<\/a><\/strong><\/span>\u00a0offers to guarantee a correct application of it.<\/p>

Firstly,\u00a0article 40<\/a><\/strong><\/span>\u00a0of the Royal Decree \u2013 law indicates that, during the duration of the State of Alarm and although it is not foreseen in the statutes, civil, commercial and cooperative societies will be able to carry out the sessions of their governing and administrative bodies by means of video or multiple telephone conference. Similarly, meetings or assemblies of members may be held.<\/p>

Regulations demand a series of requirements in order to hold these meetings: they will be held by videoconference or telephone conference; all the participants must have the necessary means to connect; the secretary will have recognized their identity which, finally, will be recorded in the minutes and sent by e-mail to the participants.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t

During the State of Alarm, the regulations allow General Meetings to be held by videoconference<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/header>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

Therefore, the identification of the participants remains in the hands of the secretary. However, through the telephone conference, additional difficulties arise that could lead to identity theft, since the voter cannot be identified unequivocally. The videoconference, however, implies the connection through a computer or mobile phone with camera and allows an identification of the participant through the image.<\/p>

EADTrust has developed a platform that optimizes and simplifies these processes:\u00a0Innovoto<\/a><\/strong><\/span>. Our system facilitates the authentication of the voters with the use of simple, advanced or recognized signature, with their ID or using other methods like their mobile number or e-mail. In this way,\u00a0Innovoto<\/a><\/strong><\/span>\u00a0minimizes the intervention of unauthorized third parties and, consequently, the leak of reserved information.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"Innovoto\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

In addition, with regard to listed companies,\u00a0Article 245<\/strong><\/span><\/a>\u00a0of the Companies Act requires boards of directors to meet at least once a quarter. Compliance with this regulation at times when mobility is restricted requires the development of more flexible legislative principles.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t

\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t

Consequently,\u00a0article 41<\/strong><\/span><\/a>\u00a0of the Royal Decree \u2013 law allows the boards of directors of listed companies to hold general meetings by electronic means following the guidelines set out in articles\u00a0182<\/a><\/strong><\/span>,\u00a0189<\/strong><\/span><\/a>\u00a0and\u00a0521<\/strong><\/span><\/a>\u00a0of the Law on Capital Companies, even though this is not provided for in the articles of association. Similarly, the holding of meetings will be subject to the possibility of members or their representatives participating telematically, with representation conferred on the Chairman of the Meeting and advance voting through remote communication means.<\/p>

Likewise, in accordance with the Law on Corporations, adequate mechanisms must be established in order to comply with some or all of these requirements:<\/p>

  1. Real-time transmission of the General Meeting.<\/li>
  2. Two-way communication in real time so that shareholders can address the general meeting from a different location.<\/li>
  3. A mechanism for casting votes before or during the general meeting without the need to appoint a proxy holder who is physically present at the meeting<\/li><\/ol>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t\t
    \n\t\t\t
    \n\t\t\t\t\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t

    Article 41 allows electronic voting in the General Meetings even if it is not included in the statutes of the company<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/header>\n\t\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t\t
    \n\t\t\t
    \n\t\t\t\t\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t\t\t

    Likewise,\u00a0Article 41<\/strong><\/span><\/a>\u00a0of the Royal Decree \u2013 law also gives validity to the resolutions adopted by the Board of Directors and the Audit Committee when they are adopted by videoconference or multiple telephone conference. Therefore, once again the problem of identification with guarantees appears, which is only ensured by videoconferencing.<\/p>

    Furthermore, this legislation allows the use of\u00a0electronic voting<\/a><\/strong><\/span>\u00a0when the identity of the person participating is confirmed, as well as the security of communications.\u00a0Innovoto<\/a><\/strong><\/span>\u00a0allows the implementation of\u00a0electronic voting<\/strong><\/span><\/a>\u00a0and the delegation of electronic representation in General Shareholders\u2019 Meetings and in other participation bodies (universities, trade unions, professional associations\u2026).<\/p>

    Our platform<\/a><\/strong><\/span>\u00a0allows the registration of participants and, subsequently, the exercise of vote during the Assembly, either through a smartphone or a computer. The\u00a0voting system<\/strong><\/span><\/a>, with an open structure, allows all the existing variants, adapting to the needs of each organization.<\/p>

    Designed to suit each client,\u00a0Innovoto<\/strong><\/span><\/a>\u00a0is the simplest and most secure method of implementing\u00a0electronic voting<\/a><\/strong><\/span>\u00a0in electoral processes.<\/p>

    To sum up, the Royal Decree \u2013 law 8\/2020 has established a temporary legislative framework that allows to carry out the meetings of the governing bodies and the boards of partners. Although the norm still leaves issues in the air, it opens the door to the telematic tools for voting and for the celebration of meetings that can be maintained after the end of the State of Alarm.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/article>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    GENERAL MEETINGS DURING THE STATE OF ALARM Among the exceptional measures approved […]<\/p>\n","protected":false},"author":2,"featured_media":246,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[31,27],"class_list":["post-263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-meetings","tag-electronic-voting","tag-general-meetings"],"_links":{"self":[{"href":"https:\/\/innovoto.com\/index.php?rest_route=\/wp\/v2\/posts\/263","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/innovoto.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/innovoto.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/innovoto.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/innovoto.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=263"}],"version-history":[{"count":12,"href":"https:\/\/innovoto.com\/index.php?rest_route=\/wp\/v2\/posts\/263\/revisions"}],"predecessor-version":[{"id":475,"href":"https:\/\/innovoto.com\/index.php?rest_route=\/wp\/v2\/posts\/263\/revisions\/475"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/innovoto.com\/index.php?rest_route=\/wp\/v2\/media\/246"}],"wp:attachment":[{"href":"https:\/\/innovoto.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=263"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/innovoto.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=263"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/innovoto.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=263"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}