P&O
Objective
P&O, the UK’s leading ferry operator, required an
interactive system that could simplify and accelerate the complex
registration and voting processes of their EGM, whilst providing
stockholders with instant resolution results.
The Challenge
According to the rules of the Company’s Charter, P&O was
required to propose a series of resolutions to stockholders in
connection with the recommended acquisition of P&O by DP
World.
Compelled by constitution rules to gain a majority approval from
each of the share classes, P&O needed to cast nine resolutions
over five separate meetings. The complexity of this meeting
structure would generate masses of paperwork, as time-consuming
manual counts and verification checks for each polled vote would be
required for every meeting.
An instant voting system that could automatically distinguish
between the different voting classes was therefore crucial to the
efficiency of P&O’s EGM.
A possibility that attendees could forward a motion to adjourn
the meeting at any time would also need to be taken into
consideration, as a motion to adjourn would require an immediate,
‘impromptu’ vote and constricted timescales would demand instant
resolution results.
The IML solution
IML’s interactive system simplified the complex structure of
P&O’s EGM, enabling nine resolutions to be cast over five class
meetings, within two hours.
The system automated the entire voting process, delivering
instant and accurate results, whilst yielding the following
benefits for P&O:
Automated registration
Registrars used
IML’s automated system to scan delegates’ bar-coded attendance
slips on arrival. It took, on average, just 20 seconds for IML’s
system to register each attendee.
Instant information for the chair
IML’s
system provided the Chair with detailed management information
throughout the EGM. The information was automatically updated as
each attendee registered, enabling the Chair to see how many
stockholders were registered from each class and how many shares
were represented at every stage.
The potential vote swing for each meeting was automatically
calculated by the system, providing the Chair with full control
over a complex meeting with a potentially uncertain outcome.
Instant Identification
All attendees were
issued with a personal Smartcard, automatically linking them to
their voting rights and share class.
Before casting their votes, stockholders simply inserted their
personal Smartcards into IML’s electronic keypad and selected
either For, Against or Abstain (represented by numbers 1, 2 and 3)
on their electronic keypads.
Smartcards also ensured that only the correct share class could
vote during each class meeting. If a stockholder with no voting
rights cast a vote, it would automatically be blocked by the system
and their keypad screen would display the message: No voting
rights.
During Class meetings, attendees could not abstain from voting. In
this situation, IML’s keypads only offered the options For and
Against.
Rapid results
All live and proxy votes were
automatically calculated by the system, avoiding time-consuming
manual counts. Shareholders could see the outcome of a vote
immediately after every resolution and reports were printed
instantly, negating the need for P&O to advertise results in
the following day’s broadsheets.
Accurate results
IML’s system is fully compliant with the Data Protection Act and is
proven 100% accurate.
Automated data capture and computerised checks enabled P&O to
answer enquiries fully and quickly.
Certainty
All results were made available on
poll, rather than on 'show of hands’, creating a far more
democratic process and removing the need for contingency
arrangements in the event a vote was lost.
Confidence
Once a vote had been received by the system, the keypad screen
displayed a message confirming to the shareholder that their vote
had been registered.
Emergency resolutions
IML’s system is
engineered to cope with emergency resolutions; ‘impromptu’ votes
can be cast immediately and results are available instantly.