Egypt bourse okays e-voting amid coronavirus fears

CAIRO, March 29 (MENA) - The Egyptian Exchange announced on Sunday the activation of e-voting system for companies registered in the bourse in compliance with Prime Minister Moustafa Madbouli's decision to ban all activities involving large gathering.

In a statement, a copy of which MENA obtained, the bourse said Egypt For Information Dissemination (EGID) has been working for a while on developing the e-voting system that enables shareholders of companies registered in the bourse to vote electronically on the decisions of the general assemblies and boards as part of government's digital transformation efforts.

The move will accelerate the approval of decisions of the companies' boards and general assemblies and save time, cost and efforts, it added.

It will also guarantee the convocation of the meetings on time without any delay and preserve the safety of board members and shareholders following coronavirus outbreak.

Under the statute of Law No 159/1981 that regulates the work of joint stock companies, the e-voting should take place five days before the meeting of the general assembly of the company.