Riyadh – Mubasher: MBC Group, the leading media conglomerate in the MENA, has officially announced the start date for electronic voting on the agenda items of its upcoming ordinary general meeting (OGM).
Shareholders registered in the Tadawulaty services platform will be eligible to cast their votes remotely starting from 1:00 AM on Thursday, 25 June. This digital voting window will remain open until the conclusion of the General Assembly, which is scheduled to convene at 8:00 PM on Sunday, 28 June.
The upcoming meeting, designated as the First Meeting, will be conducted through a hybrid format, allowing shareholders to participate both in person and via modern technological means. This approach aligns with the regulatory framework of the Saudi Capital Market Authority to ensure broad shareholder participation and transparency in corporate governance.
The agenda for the Ordinary General Assembly includes several critical items requiring shareholder approval. According to the provided documentation, participants will be asked to vote on the company’s financial statements, the appointment of external auditors for the fiscal year, and the election of members to the Board of Directors.
To facilitate this process, MBC Group highlighted that registration and voting through the Tadawulaty portal are provided free of charge to all shareholders.
The company has also disseminated a comprehensive instructional guide, issued by the Securities Depository Center (Edaa), to assist investors in navigating the electronic voting system.
The voting mechanism detailed in the guidelines includes three distinct formats depending on the agenda item.
General items, such as the approval of financial statements, will follow a standard voting process where shareholders can select "Approve," "Disapprove," or "Abstain." For more complex decisions, such as the election of the Board of Directors, the company will employ cumulative voting.
This system allows shareholders to distribute their voting rights—proportional to their share ownership—among various candidates or concentrate them on a single nominee, thereby enhancing the influence of minority shareholders in the board selection process.
The disclosure also clarifies specific procedural rules regarding the validity of votes. If a shareholder chooses to attend the General Assembly in person and casts a vote using a physical ballot, any prior electronic vote submitted via the Tadawulaty system will be automatically nullified.
Furthermore, shareholders have the flexibility to amend their electronic votes at any time during the designated voting period by accessing the "Update Vote" feature on the platform.
