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There are nearly 130 shareholder meetings scheduled for the months of april and may, and this year several ones are already being defined for conducting them remotely.
The pandemic has forced us to be more flexible than ever. Although regulation never previously allowed it, in order to safeguard people's security, the CMF authorized companies to hold their shareholders meetings remotely. For example, taking various precautions for the security of votes. The first shareholders meeting: a few days ago, BCI held its shareholders meeting remotely, with a good level of attendance and success in terms of participation.
This is really important if we think of it as inclusion, since many shareholders who were physically unable to participate in these meetings are now able to do so in a secure and accessible way.
According to a study that we have been conducting at the Depósito Central de Valores (DCV) two years ago, less than 7% of shareholders attended meetings personally. These meetings involve key aspects for the corporate governance of companies, as they approve topics such as investments, external auditors, and dividends.
This measure could deconcentrate the shareholding structures of companies: even though less than 7% of shareholders attend meetings, the average quorum is 89%. This is because a large part of the shares are held in few hands. By sector, the greatest face-to-face attendance was registered in Construction & Real Estate (16.9%) and Retail (10.5%).
The challenge ahead is particularly important. Thanks to this change, driven by the pandemic, we will be able to have a more participatory and more inclusive financial market. There are reasons to celebrate.
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