The London Internet Exchange (LINX) has published its 2020 annual report and accounts ahead of the exchange’s virtual annual general meeting on Tuesday 25th May.
2020 was a year like no other, dominated by the COVID-19 global pandemic. Even before the first lockdown in the UK on the 23rd of March there was uncertainty with Britain’s departure from the European Union ratified at the end of January. However, the ability of the telecoms industry, and society to adapt, saw new ways of doing business and interacting online. LINX, and its members, were at the forefront of keeping everyone connected.
In the Message from the Board section of the 2020 report LINX Chairman Pieter Knook, acknowledged the challenges for corporate governance in what was his first full year in the role.
“In preparations for [last year’s] AGM, the Board identified an issue in that the articles required 10 members to be present in person for the meeting to be quorate. At the time of the AGM at LINX109, the government had passed emergency and temporary legislation to allow companies to conduct their general meetings online despite any restrictions in law or in their own corporate rules.”
Pieter continued, “We therefore called an EGM in December to propose a change to the company’s Articles of Association to allow us to continue to conduct virtual meetings, if the board thinks necessary.”
Pieter Knook, LINX Chairman
Keeping the World Connected
The Coronavirus pandemic had an overwhelming effect of Internet capacity usage across the world. At LINX we saw our global traffic increase by 38% across the whole network in just under 12 months, experiencing 40% growth on our LON1 platform in London alone.
Even with the movements of LINX teams restricted and the focus being on member provisioning, the exchange has delivered successfully against many of its strategic objectives. These included the evolution of the LON1 network and 400GE growth, geographical expansion and the development of our products and the fulfilment methods.
Also in the report LINX Chief Finance Officer, Malcolm Holt, gave an overview of LINX’s financial position. Despite the worldwide economic and social disruption caused by COVID, the demand for our services was resilient. With staff predominantly working from home, and normal activities being restricted, LINX managed to significantly reduce expenditure levels. LINX has confidence in the future allowing it to continue its trend of annual price reductions for its members in 2021.
Looking ahead Kurtis Lindqvist concluded: “For 2021 we will continue our focus on increased automation and tooling to support the LINX team in managing the growth of our exchanges, but also to streamline our member’s experience in dealing with LINX.”
To read the full annual report follow the link below.
Annual General Meeting
Due to the current situation LINX recognised it is still not possible to host the LINX113 member meeting and AGM in the usual in-person conference setting. However, the AGM will still take place as a virtual meeting on Tuesday 25th May 2021 starting at 10am.
Full details on the virtual format plus how to register and vote in the AGM can be found on the LINX113 event page.