Business

FAB facilitates UAE's first Virtual General Assembly Meetings to meet COVID-19 Measures

FAB facilitates UAE's first Virtual General Assembly Meetings to meet COVID-19 Measures

First Abu Dhabi Bank (FAB), the UAE's largest bank, has launched a new service for managing Virtual General Assembly Meetings (GAM) and has conducted the UAE's first fully virtual GAM.

The Virtual GAM service is aligned with preventive measures introduced by the UAE Government to reduce health risks associated with COVID-19. The Securities and Commodities Authority and the Ministry of Economy of the UAE issued directives prohibiting companies from hosting large physical GAMs, encouraging them to adopt virtual technologies instead. In response, FAB is offering companies its state-of-the-art online Virtual GAM solution. To date, six virtual GAMs have been successfully conducted for companies across the UAE.

Through this service, shareholders can register their attendance online via a secured platform participating remotely in the meeting and vote on the agenda items. In addition to ensuring attendees' safety, the service enhances corporate governance and shareholder engagement by offering interactive tools to track live voting and enable participants to raise live questions.

Virtual GAMs also contribute to reducing operational and logistical costs associated with physical meetings, including the cost of printing, postage, venue, F&B and transport.

Andy Cairns, head of Global Corporate Finance, FAB, said: "As a leader in Securities Services, hosting general assembly meetings virtually is one of the many innovative ways FAB is supporting UAE government, regulators and our clients to ensure business continuity during this challenging time of COVID-19."

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