Globalization and digitalization are increasingly highlighting flexible and efficient work practices. The Liechtenstein legislature recognized this early on and established a clear legal framework for digital assemblies of the supreme governing body (e.g. the general meeting for a public limited company).
In this blog, we will elaborate how companies can conduct their meetings online in an efficient and legal way.
1. Possibilities of digital assemblies
In general, there are two ways to participate in a digital assembly through electronic means:
- Digital participation in physical assemblies: The management can provide that participants who cannot be physically present may exercise their rights electronically (e.g. via a Microsoft Teams connection).
- Fully digital assemblies: Meetings can be conducted entirely online without the need for physical presence of the participants. However, this must be stipulated in the company’s articles of association.
2. Convening and conducting digital assemblies
The convening of a digital assembly must specify not only the agenda but also the exact (technical) details regarding participation and voting.
3. Requirements for a digital assembly
The company’s management must ensure the following:
- Identity of participants: The identity of all participants must be clearly verifiable.
- Transmission of votes: Votes must be transmitted in real-time so that all participants can immediately see the results.
- Interactive participation: Each participant must be able to submit motions and take part in discussions.
- Security of voting results: It must be ensured that the voting results cannot be manipulated.
4. Handling technical problems
If technical problems arise during a digital assembly that make the continuation impossible, the assembly must be repeated. Resolutions passed before the problems occurred remain valid. This safeguards decisions that have already been made.
5. Conclusion
The legal provisions in Liechtenstein offer companies numerous opportunities to conduct their assemblies flexibly and efficiently. Utilizing digital means allows participation from anywhere in an increasingly digital world and enables quicker decision-making.
Get started with us right now and contact us at office@isp.law or use our fully automated booking tool to make an appointment directly for an initial consultation at www.isp.law/termin-buchen/ to learn more about digital assemblies.
