FTSE 350: July 2022 Snapshot of Arrangements for AGMs
We continue to track the approach FTSE 350 companies are taking to the holding of their AGMs.
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We continue to track the approach FTSE 350 companies are taking to the holding of their AGMs. We have set out in our snapshot the approach companies have taken on a number of key aspects of their meetings, including where the AGMs are being held, what arrangements are being made for Q&A and the level of shareholder engagement being offered.
- We are now over half way through the year and moving towards the end of the AGM season. The trends which we identified at the start of the year have generally continued. Most FTSE 350 companies have chosen to hold a purely physical meeting with no form of virtual shareholder engagement (94). However, throughout the year we have seen an increasing number of FTSE 350 companies holding a legal hybrid meeting (56), rather than deciding to hold a physical meeting accompanied by some form of virtual shareholder engagement (with those participating virtually not legally in attendance) (34).
- Only a small minority of FTSE 350 companies held AGMs where they encouraged shareholders not to attend (7) – effectively "closed meetings". These AGMs took place early in the year when COVID-19 restrictions still applied.
- The focus on environmental and social matters continues to increase. This snapshot provides a summary of the resolutions proposed so far (16). The resolutions vary as to their purpose, but the most common types were (i) resolutions seeking approval of climate transition plans; and (ii) resolutions requesting the company to disclose more by way of its climate-related targets.
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