FTSE 350: November 2022 Snapshot of Arrangements for AGMs
We continue to track the approach FTSE 350 companies are taking to the holding of their AGMs.
2 min read
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.
- The trend of companies moving back to holding open physical meetings with no electronic participation (125) has strengthened throughout the year.
- Around a quarter of all meetings included in the survey have been held as hybrid meetings (61). This is a statistic which would have been unimaginable pre-Covid and indicates that although more complex to plan and run, companies have generally embraced hybrid meetings.
- Whilst not legally hybrid meetings, companies have continued to offer some form of virtual element at their physical meetings (e.g. live webcast) (39), which shows a general desire to take advantage of technology to engage with shareholders.
- This year there have been a number of environmental and social resolutions proposed at AGMs (14), with almost all those proposed successfully passing. Most of the resolutions proposed were non-binding, advisory in nature and related to the approval of climate strategy, climate action and climate transition plans. There were also specific resolutions for the approval of TCFD disclosures in the annual report.
- The FRC has published its Good Practice Guidance for Company Meetings available here which provides suggestions for good practice that listed companies should consider adopting in order to enhance effective shareholder participation when planning and conducting annual general meetings.
We have a dedicated Public Company Advisory team which advises UK public companies on their day-to-day legal affairs. In particular, the team engages with listed companies outside of their transaction cycle and provides advice across a range of matters, with particular expertise in corporate governance and corporate advisory. The team is experienced in company secretarial matters and regularly provides support to non-legal functions (as well as legal and company secretarial teams) within PLCs. Our clients range in size and maturity from newly listed companies to mature companies and from small cap companies to global FTSE 350 companies.
The PCA team is part of the network of White & Case offices offering public company advisory services, with specialist practice teams in the US, Germany, Italy and France.
This publication is provided for your convenience and does not constitute legal advice. This publication is protected by copyright.
© 2022 White & Case LLP