You can now phone it in! Effective January 1, 2022, Illinois law now allows corporations to hold fully remote or partially remote shareholder meetings, so long as certain criteria are met. Unless prohibited by the articles of incorporation or by-laws of the corporation, and so long as the corporation implements reasonable measures to ensure each person participating remotely is a shareholder and remote shareholders have reasonable opportunity to participate in the meeting and vote on matters submitted to shareholders at the meeting, the shareholder meeting may be held by conference telephone, interactive technology, electronic transmission, internet usage, or other means of remote communication. Now that corporations have this option to conduct shareholder meetings remotely, they can provide more opportunity for shareholder participation, as well as reduce costs of hosting such shareholder meetings.
If you have any questions about this new law, or about corporations in general, please contact the Attorneys at Allison & Mosby-Scott.