Digitalization of general shareholders' meetings as a factor in the transformation of the Ukrainian stock market

Abstract

In the current context of corporate governance transformation in Ukraine, the analysis of practices related to the remote holding of general shareholders' meetings is of particular importance. Given the digitalization of the capital market and regulatory changes, this format of general meetings has become a common tool for joint stock companies. At the same time, there is a clear prevalence of written polling over electronic general meetings, which requires separate scholarly reflection. The purpose of this article is to explore the factors influencing the choice of remote format for holding general shareholders' meetings in Ukraine. The author analyzes current legislation, as well as the by-laws of the National Securities and Stock Market Commission. Special attention is paid to the content of the new edition of the Law of Ukraine “On Joint Stock Companies,” which has significantly affected the legal regulation of remote voting procedures. The article applies the method of systems analysis, comparative legal method, and formal-logical method. Elements of the empirical approach are also used, through the generalization of typical scenarios for organizing general meetings of joint stock companies in remote format. The research results indicate that despite the existence of a formally regulated procedure for electronic meetings, the vast majority of Ukrainian joint stock companies prefer written polling. This is due to several factors: lower costs, simpler technical requirements for organizing the process, and the minimization of organizational risks. At the same time, this practice has both advantages and significant limitations regarding transparency, the full exercise of shareholders’ rights, and the possibility of discussing the agenda. The conclusions highlight that although current legislation already permits the holding of electronic general meetings, the actual spread of this format is hindered by a lack of motivation, the complexity of implementing technical tools, and the persistence of traditional procedures. The author emphasizes the need for further development of regulatory frameworks, particularly in establishing clear criteria for the technical reliability and security of digital tools used for voting, as well as ensuring equal access for shareholders to such solutions.