KUALA LUMPUR: ARB Bhd has today launched WeMeet, a self-developed virtual shareholders' meeting (VSM) platform geared toward corporate companies that are shifting toward virtual meetings.
ARB executive director Datuk Seri Larry Liew Kok Leong the WeMeet will serve the needs of shareholders and companies in the new normal.
"Since the beginning of the pandemic, we have been working tirelessly to develop a virtual meeting solution, leveraging on our expertise in the digital space and our understanding of the importance of corporate governance and engagement with shareholders.
"WeMeet is finally ready to serve the market, and we have ensured that our solutions are at a competitive rate, making it easier for our corporate clients to shift towards virtual meetings," Liew said in a statement today.
In the wake of the Covid-19 pandemic, most corporates and shareholders have realised the importance of the VSMs tool.
According to Computershare data, 40 per cent of the annual general meetings (AGM) globally were conducted virtually during the first seven months of 2021 compared to just 27 per cent in 2020.
WeMeet's offering includes video and audio experience, role-based meeting views, comprehensive meeting management tools and real-time question and answer (Q&A) functionality.
"One of the criticisms on virtual shareholders meeting is the lack of engagement with shareholders, and the system might be open to abuse.
"With WeMeet, we are sure that the platform allows for a highly engaging and modern virtual experience, starting with a seamless meeting authentication, a 'Zoom-like' meeting experience and real-time Q&A functionality," Liew said.
He said the platform also provides an integrated console to manage all aspects of the VSM experience, including high-quality video and audio streamed from multiple presenters, screen sharing, meeting materials management and voting.
"WeMeet ensures that the voting process is transparent and that the meeting is open for engagement with shareholders."
Liew said shareholders democracy, particularly retail investors' access to boards, will not be eroded with WeMeet solutions.
Given that all the public listed companies in Malaysia, Singapore, Indonesia, Thailand and Australia will need to organise an annual general meeting yearly, excluding the extraordinary general meeting, this would provide a huge potential for ARB.
Based on the company's internal target to capture 30 per cent of this market, WeMeet is expected to generate a lucrative yearly recurring income for ARB.
Liew said while the initial phase of WeMeet's rollout in Malaysia is competitive, he is optimistic that ARB's reasonable pricing and practical solutions that solve some of the issues about virtual meetings positions ARB well to win the market.
Most of the annual meetings of shareholders will now be conducted exclusively online by remote communication.
Companies made this decision in light of the Covid-19, public health concerns and required limits on public gatherings.
"We're also looking beyond Malaysia by bringing in a global audience. We intend to help these corporates to shift towards digital as it has always been our priority.
"Given the potential of WeMeet and the sustainable business model, we believe that this will be a launching pad for us to expand our offerings. We welcome partnership collaboration in the Asia-Pacific region to grow our market," he said.