Recap of our First Shareholders Meeting
In October 2018 we were incorporating the shares of our newly created company, Mt Pelerin Group SA, into the first token to provide direct share ownership in the meaning of Swiss law.
With that move, our intention was to apply Bridge, the tokenization technology that we had developed, to ourselves first in order to publicly demonstrate the value of that new model and the faith we had in it.
On Friday June 26th, we repeated the same pattern with our latest product, Bridge Wallet, the mobile interface for the Bridge ecosystem. To conclude our first fiscal year (2019), we demonstrated again the capabilities of our platform and ran our first shareholders meeting in a fully digital way through Bridge Wallet and the MPS token.
Many of our more than 640 shareholders joined the meeting and followed it from their smartphone. They had access beforehand on Bridge Wallet to Mt Pelerin’s annual report and financial statements, and they followed the presentation of the annual report 2019 given by Mt Pelerin’s president of the board Arnaud Salomon through live video streaming in Bridge Wallet. The presentation covered a review of our financial statements, a recap of our key activities so far as well as the outlook for 2020 and beyond, including:
- Bridge Protocol
- Bridge Wallet
- Our activity as a CMTA member
- The MPS token
- Our core banking system developments
- Our digital onboarding and compliance service
- Our equity tokenization service
- Our security token offering services
- The Quantum Vault developments
- Our licensing and funding strategy
Participants were able to type and submit questions related to the presentations in Bridge Wallet directly, which were then answered in the live video stream.
Along the different presentations, shareholders were invited to vote on the items that were submitted to shareholders approval. The amount of MPS tokens held by shareholders (in Bridge Wallet or elsewhere) determined the number of votes that they had (1 MPS token = 1 vote), and the yes/no votes made in Bridge Wallet were carried through blockchain transactions with the MPS token’s voting smart contract. Gas fees were handled by Mt Pelerin, so that shareholders didn’t need to have ETH to participate.
Beyond being a key milestone in the life of our company, this digital shareholders meeting was a live demonstration of the capabilities of the Bridge ecosystem: token issuance and distribution, shareholder onboarding and compliance, and now the digital execution of corporate actions.
Based on that experience, the next step for us will be to fine-tune and add to the Bridge platform a complete and straightforward dashboard for issuers to manage their tokens and related corporate actions (such as digital shareholders meetings).
With it, we will be the only actor on the market to propose an end-to-end, open source and free-to-use platform for the issuance and management of tokenized securities, which we believe is the future of shares and bonds management for unlisted companies.
******************
