Lumi is proud to announce that it has been selected by Taiwan Depository and Clearing Corporation (TDCC) as the exclusive platform for hybrid AGMs in the market.
Public companies in Taiwan, as with the majority of other markets, were impacted heavily by the pandemic, and all AGMs were suspended. With the first hybrid meeting scheduled for the middle of August, the Lumi platform will provide authenticated access for online shareholders as well as managing the Q&A, with proxy voting being handled by TDCC directly.
Merion Trask, Managing Director of Lumi Asia, commented “We are delighted to be partnering with TDCC to ensure that good governance can be maintained in Taiwan, even during the current difficult times. We are looking forward to our platform supporting Taiwanese companies, and to a long-standing partnership with Issuers”.
“TDCC has been committed to digitalizing shareholder meetings in Taiwan since 2009. For more than a decade, TDCC’s voting solutions have ensured a correct execution of the vote and underpinned corporate governance in Taiwan”, said TDCC chairman Sherman Lin. "We are delighted to partner with Lumi for this iconic cooperation, enabling Taiwanese companies to host hybrid AGMs by leveraging the latest advancements in technology.”
The Lumi platform, which has supported over 4000 meetings in 2021 to date, in more than 40 markets, has been further developed to allow for regionalisation, and to include Chinese translations.
Virtual and hybrid meeting formats are dominating the AGM landscape due to the ongoing impact of COVID-19. Some technology providers have noted a downward trend in shareholder attendance, whereas the Lumi global client base has seen a considerable increase in participation and engagement – both from a quant and qual perspective.
It is widely anticipated that the digitisation of the AGM, which was accelerated by the pandemic, will continue with industry leaders recognising the enhanced contribution that the format brings to delivering key governance goals. The support of organisations such as Glass Lewis and ISS, who previously opposed the format, has been credited with giving extra credence to virtual and hybrid AGMs.