Die Xlife Sciences AG, a Swiss-based company for developing the value and commercialization of promising research projects, is at the forefront of the life science industry. The company invests in innovative technologies and supports researchers and entrepreneurs in positioning, structuring, developing and implementing their concepts. The shares of Xlife Sciences are listed on SWX Sparx, which makes the holding of general meetings (AGM) an important event.
Challenges at the General Assembly
The key challenge for Xlife Sciences was to quickly and correctly count shareholder votes, which were submitted via various channels. The effort for the Board of Directors and the vote tellers should be minimized and potential sources of error should be reduced. Since the email addresses of the shareholders were not yet known, invitations to the AGM had to be sent by letter first.
Support through Konsento
Here comes Konsento's innovative General Assembly tool into the game. Konsento has not only orchestrated the printing and sending of the invitations, but has also taken measures together with Xlife Sciences to enable invitations via email in the future. This will not only save printing and shipping costs, but also significantly reduce resource consumption for paper and help Xlife Sciences achieve their ESG goals.
Efficiency gain during the general meeting
The benefits of Konsento are clearly visible before and during the General Assembly:
- Easy recording of written voting rights instructions: The names of the proxy shareholders can be entered simply by dragging and dropping. Share votes per shareholder are stored in the system so that the independent proxy does not have to enter, consolidate or add up any additional figures.
- Electronic voting instructions: Around 30% of voting rights instructions were submitted electronically. These were entered directly in the system by the shareholders themselves. Thanks to a clear and intuitive dashboard from Konsento, the independent proxy had full transparency and did not have to take any additional steps.
- Transparency for proxy representatives: Konsento provides the independent proxy with a clear presentation of all votes represented, sorted by written and electronic instructions. Institutional proxy representatives can also vote directly in Consento and invite their customers to vote electronically. This eliminates the need to fill out Excel spreadsheets and manually transfer and aggregate data, which saves considerable time and minimizes sources of error.
- Voting via mobile devices: During the Annual General Meeting, shareholders were able to vote conveniently using their mobile devices. This eliminated the need to rent expensive televoting equipment. At the same time, Konsento provides alternatives to ensure a smooth process even when not all shareholders have sufficiently charged, mobile-enabled mobile devices with them.
- Consolidation and calculation of results: All share votes represented directly and via voting rights representatives were consolidated and added up in real time in consensus. The result of the vote was available just a few seconds after the agenda was closed and was shown in the granularity required for the minutes or public document.
- Automatic log generation: Konsento automatically creates a draft protocol that covers all legal requirements and only needs to be supplemented with comments.
Conclusion
Konsento's support at this year's general meeting of Xlife Sciences has clearly shown how efficiently and error-free such events can be organized. Konsento's innovative features have not only resulted in significant time savings and cost efficiencies, but also significantly reduced administrative costs. This is a valuable step towards a digital and sustainable future of corporate governance.
We are happy to provide our innovative GV tool during a non-binding demo appointment closer ahead.
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