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Newsletter | April 2015, Issue 1
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SECURITIES
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Shadow Voting System
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A supplemental provision has been added to the FSCMA to allow listed companies, which conduct electronic shareholder voting and proxy solicitation, to continue utilizing the shadow voting system for up to 3 years. (Supplemental Article 18 has been added to the FSCMA.)
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Originally, the shadow voting system was planned to be abolished in its entirety starting on January 1, 2015. However, the supplemental provision has taken effect as of December 20, 2014, so that if a company (i) allows its shareholders to exercise their voting rights electronically and (ii) conducts proxy solicitation, the company can continue utilizing the shadow voting system until December 31, 2017, for any of the following agenda items presented at its shareholders’ meeting: (a) appointment or dismissal of its auditor or a member of its audit committee; or (b) any agenda item if the company meets specific criteria announced by the Financial Services Commission based on the number of its shareholders
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