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FR – Voting in general meetings: AMF updates its doctrine

21/01/2019

On 5 October 2018, the AMF published the report from its taskforce on shareholder rights and voting in general meetings, together with its Recommendation No. 2012-05.

In the recommendation to issuers, securities professionals or shareholders, the AMF is looking to:

  • Reminding issuers that they must consider all votes cast by means of a document that fulfils the statutory and regulatory requirements;
  • Fighting against the charging of fees that discourage shareholders from opting for shares in registered form;
  • Building trust in in the management of voting among market players by recommending the proposal of a methodology guide to manage voting during general meetings.

The AMF also proposes statutory or regulatory amendments aimed at enhancing transparency in proxy and absentee voting by recommending that in case of electronic voting, for instance, all proxy and absentee votes should be date- and time-stamped, and generate an electronic acknowledgment of receipt, while ensuring that during all votes, shareholders should be able to confirm the validation of their ballots during general meeting votes, or be notified of the reason for any invalidations.

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