ICJ and Lumi Partnership delivers first successful virtual AGM
euglena Co., Ltd, the Japanese microbe business pioneer which has been listed on the Tokyo Stock Exchange since December 2012, conducted its first virtual AGM last month – the first to be held since the announcement of a partnership between ICJ and Lumi.
Over 400 shareholders attended the AGM, and 46 questions were asked. Positive comments relating to the format were received from shareholders, giving further confidence in the virtual meeting format which has already been robustly tested during 2020.
Many governments around the world have been slow to adapt legislation to allow for virtual meetings, resulting in shareholders being excluded from many AGMs. However, Katsunobu Kato from the Growth Strategy Council in Japan was quoted by Reuters last month, stating the government will work with “a sense of speed” to bring about the regulatory changes necessary to allow companies to hold AGMs virtually.
Richard Taylor, CEO of Lumi, commented “It is clear that the 2021 AGM season will continue to be affected by the pandemic. We are delighted that ICJ – and Japanese Issuers more widely – are not letting it impact on good corporate governance, and we look forward to a successful working partnership”
Under the terms of the agreement, Lumi will supply local transfer agents and issuers with access to the Lumi virtual shareholder meeting platform.