Historically the Institute of Director weren’t happy in having a face to face AGM’s especially with retail investor’s. Generally most off the discussion at these AGM’s were oriented around the remuneration package and more recently the badgering has been concentrated on climate change. Hardly any discussion is on the future direction that the directors and management want the company to be heading.
When Covid arrived, they saw an opportunity to get rid off AGM’s, and with the need to deal with pestering retail investors face to face!
The added bonus, it also gave them the opportunity to get rid off shareholders who wouldn’t or couldn’t use the internet,. The test bed was the poorly written legislation about not giving a printed copy of the “Notice of Meeting”.
Some companies are still using this legislation to force reluctant shareholders onto the internet…plus there other dirty tactics still being used today by the company’s and abetted by registry companies.
As an example, in 2020 I couldn’t get a printed copy of the Notice of Meeting, which may consist of 10 pages because it was deemed to be contaminated with Covid. Yet, I could receive my printed proxy form and my over 100 pages off the Annual Report….these printed material must have gone thru some decontamination process.
The end result is a company must have a hybrid AGM, unless a Health Minister deems it is unsafe for health reason.
Also, shareholders are entitled to all printed material upon request__for some particular reasons the registry companies have difficult adhering to ur communication preference.
As an aside, the AGM voting system is flawed and farcical; the general public would be shocked with the manipulation that is allowed!
AGL Price at posting:
$8.74 Sentiment: Hold Disclosure: Held
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