Lumi blog - All Posts

22 Aug

Oliver Bampfield

Is a Hybrid AGM Secure?

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With a growing focus on Hybrid AGM within the membership sector as a way to increase member engagement, as well as listed companies wanting to offer an electronic medium to their annual general meetings, the security of the method itself is put under analysis.

The importance of security for an AGM is paramount, not only due to the potentially sensitive nature of the discussions, but to ensure the robustness and accuracy of voting, and the right for all members and shareholders to have their say.

So how secure can a hybrid AGM be?

Security of Hybrid AGM Technology 

Making sure your Hybrid AGM is secure is of the utmost importance and the technology used at Hybrid AGM is an area that has received a lot of attention.

Security is critical to a successful Hybrid AGM and a meeting’s integrity depends on both the certainty and security of the identification of shareholders/members and access to this secure list, to ensure these virtual participants are who they claim to be.

Take for example, our patented Lumi technology; it is a certified platform (Via AWS) and regularly PEN tested by third parties (leading financial institutions and government bodies) and has been independently proven to be accurate and secure.

Regardless of the medium, be that physical, hybrid or virtual, our unique technology uses a secure, encrypted network. The network is monitored by our team throughout the event and creates a clean network that is maintained from start to finish.

Furthermore, a Hybrid AGM is instantly audited, everything is recorded, giving a complete objective record of the meeting, pinpointing exactly what each member did, including abstentions.

Data Security of Hybrid AGM Technology

Data security is of the utmost importance, therefore our hybrid AGM technology uses modern, industry standard encryption techniques to ensure data protection. Thus allowing for the safety of all personal data used and stored for the meetings.

Corporate Governance of Hybrid AGM

With the introduction of Hybrid AGM the corporate governance case in terms of security, transparency and accuracy is incredibly strong, meaning companies don’t have to rely on outdated methods such as paper ballots or a show of hands.

Having a more trackable and transparent voting process with instant results collated on screen, creates a seamless voting audit trail and attendees are confident their vote has been counted. Because the votes are calculated instantly it allows more time to discuss the core issues and areas of contention.

By creating this transparent environment, the AGM technology improves attendee trust in the organization and by demonstrating clear and strong governance, attendees are much more likely to stay involved in the future.

Hybrid AGM also need to take into consideration the allocation of proxy votes, making sure the elected proxy have all the proper confirmation to represent their electee, another system Lumi has in place.

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Here at Lumi we’ve been running shareholder and membership organization meetings for a vast range of clients, working with physical, hybrid and virtual AGM across the last couple of decades, from internationally recognised bodies and organizations, to national chains to smaller PLCs.

Over this period we have worked hard to create, develop and evolve technology and security protocols to make hosting any type of AGM a lot smoother for all of our clients, from our hybrid and virtual AGM software, to our audience response technology and our secure governance and tracking methods.
 

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