The "Comissão de Valores Mobiliários" (CVM), the Brazilian SEC equivalent, has issued the opinion that on-line General Meeting is legal under certain requirements.
Since middle 2008, the CVM understands that on-line proxy voting is permitted, however, the means to execute it was missing. Now there are a couple of hi-tech service providers that offer on-line voting for General Meetings of Corporations, Funds and Associations.
The on-line General Meetings service offers the option of on-line voting and on-line proxy granting, as well as innovations including live audio and video online transmission of the Meetings.
The procedures require digital authentication provided by specialized authentication firms, such as Certisign, the Verisign representative in Brazil.
Even though the purpose of the service is to provide for the valid submission of digital votes at investor's meetings at companies and funds, the result has become much broader. Besides enhancing the number of investors that will be able to effectively participate in the decision-making process of the companies and funds in which they invest, it will also create additional spaces for debates amongst the parties involved, promoting proximity, transparency, and cohesion.
A new ruling will be issued by the CVM during 2009 in order to fully regulate the procedures for on-line voting as well as on-line proxy granting.
Needless to say that this achievement will ease the burden of organizing massive events, such as General Meetings for large corporations around the World.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.