A software developer has launched an app enabling investors to participate in annual general meetings without having to be there.
Omni Market Tide says its omniLoop app allows shareholders to read the meeting agenda, stream the proceedings live and vote in real time via their mobile phone.
"It's often said that AGMs are symbolic of a how we used to do things: paper-based, backward in focus, physical in their organisation and process," managing director Megan Boston said.
"This could be the catalyst that finally takes the AGM, and shareholder engagement from the old model, to the way of the future."
The company said 88 companies in the US now hold virtual shareholder meetings, increasing shareholder engagement and lifting voting participation.
In Australia, listed companies spend $200 million on share registry services, $120 million on AGMs and $350 million on shareholder engagement, Omni Market Tide said.
But only five per cent of the top 200 listed companies get more than 500 shareholders attending their AGM.
"omniLoop will change this," Omni Market Tide said.
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