Remote participation and voting at shareholders meetings
1. Deal Description
Guerrero Olivos represented 12 listed companies (Invercap S.A., CAP S.A., Cintac S.A., Intasa S.A. Inversiones Norte Sur S.A., Compañía General de Electricidad S.A., CGE Gas Natural S.A., Empresa Eléctrica de Magallanes S.A., Telefónica Chile S.A., AES Gener S.A., IACSA y Carozzi S.A. (jointly defined as “Grupo Carozzi”) in the implementation of remote shareholders meeting including technological resources for the participation of the shareholders and remote voting mechanisms
We put into practice the regulation provided by the Financial Market Commission (“CMF”), in connection with the spread of Covid-19. The CMF issued General Rule Nr. 435 (“NCG 435”) and Circular Letter Nr. 1,141, which regulate and clarify some aspects regarding remote participation and voting at shareholders meetings.
Among the matters regulated, the CMF provides that, in the shareholders meeting of listed companies, technological resources may be used to allow the participation of shareholders who are not physically present at the place where the meeting is held, including remote voting mechanisms.
It was a challenging work since it is the first time shareholders meetings and voting were held remotely in Chile. Complexity to this matter were the many legal queries and practices that are not solved by the NCG.
In addition, we represented the companies in the organization of their board of directors with the remote participation of the directors.
2. Counsel list
Counsel to the 12 open companies: Guerrero Olivos
Partners: Roberto Guerrero V., Tomás Kubick, Jorge Delpiano and Pedro Pellegrini.
Associates: César Gálvez, Sebastián Marambio, Diego Rodríguez and Josefina Sánchez.
3. Date of closing
During April 2020
4. Deal Value
N/A
5. Jurisdictions involved
Chile