Scotiabank Trinidad and Tobago Limited has amended its by-laws to accommodate virtual meetings of its shareholders as well as facilitate electronic voting.
Since the coronavirus became a pandemic in March 2020, according to the World Health Organization, companies listed on the Trinidad and Tobago and Jamaica stock exchanges have sought to have virtual shareholder meetings to stem the spread. Some have resorted to the use of Zoom, Outlook, Google, and Skype to host meetings.
In a notice on the Trinidad and Tobago Stock Exchange, the financial institution noted that it had inserted a paragraph 13.2 to address the matter of virtual meetings.
“Notwithstanding anything to the contrary in this by-law, shareholders’ meetings may, at the discretion of the board of directors, be held virtually, in whole or in part by means of a teleconference communication system or a video conference communication system or such other similar electronic communication facility that permits all shareholders participating in such meetings to hear the proceedings and to communicate with the chairman,” the amendment read.
Furthermore, in a subsequent paragraph, 13.8, the Scotiabank directors stated that given the participation of shareholders virtually, it would allow for voting by the same means.
However, according to the by-law, the board would first recognise and account for voting by the show of hands or ballots.
“Where a shareholder participates in a virtual meeting of shareholders in the manner set out in paragraph 13.2 above, a vote on any resolution shall be effected and recorded electronically, by means of such electronic polling mechanism as may be employed for the conduct of the meeting, and any such vote shall be deemed valid and conclusive,” the paragraph read in part.
At its annual general meeting on March 10, 2021, Scotiabank Trinidad and Tobago Limited will ask its shareholders to confirm the amendments to the by-laws.