Federation Of Euro Asian Stock Exchanges FEAS Uses E-Magles For Its 32nd GA Meeting

The Federation of Euro-Asian Stock Exchange (FEAS) held its General Assembly meeting last week using the electronic voting system E-Magles developed by Egypt for Information Dissemination (EGID) in March 2020, enabling companies to hold their meetings and vote remotely. FEAS used E-Magles for their voting and elections of the board.

The Egyptian Exchange (EGX), through its subsidiary company EGID, developed the system in support of the Egyptian government’s strategy to increase the AI solutions and move to digital transformation. The electronic voting system contributes significantly to speeding up any board’s decisions which in turn will save time, effort and cost.

Dr. Mohamed Farid, Executive Chairman of the Egyptian Stock Exchange and Chairman of the Federation of Euro-Asian Exchanges, said that the use of the electronic voting system developed by EGID supports the efforts of the Egyptian government in accelerating the process of digital transformation, as will as facilitating active participation of board meetings and General Assemblies.

Engineer Yasser Al-Alali, Managing Director of EGID, stated that the "E-Magles" program approved by the General Authority for Investment and the Financial Regulatory Authority (FRA), applies the highest security standards for the protection of information, consistent with the best international standards and practices, pointing out that EGID is promoting the product to all financial institutions, banking and non-banking sector, locally and regionally with the characteristics of E-Magles. He is looking forward to promoting this system and adding more options for the benefit of the clients.

Users of E-Magles program is increasing, with 19 board meetings, 165 General Assembly and 76 joint stock companies, 46 video conferencing, with an electronic voting rate of about 89% of the total vote.

E-Magles program help reduce physical gatherings of GA, help foreign shareholders participation in meetings without remotely. The new system ensures the confidentiality of information and verifies the personality of each shareholder before voting, as well as to ensure exclusively the presence of shareholders, to ensure the validity of the assembly's decisions. Includes attendance and voting quality if it is in actual or electronic attendance.