FTSE 350: Snapshot of Arrangements for 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 meetings are being held, what arrangements are being made for Q&A and the level of shareholder engagement being offered.

 

Key trends

  • Since January 2022, the general trend is that companies are moving back towards the pre-COVID-19 pandemic approach of holding open physical meetings with no electronic participation (78).
  • Only a small minority of companies held meetings where they encouraged shareholders not to attend (7) – effectively “closed meetings”. These meetings took place early in the year when COVID-19 restrictions still applied.
  • Whilst a number of companies have held hybrid meetings (50), there have also been a significant number of companies who have decided not to hold a full legal hybrid meeting, but have instead held a physical meeting and offered some form of virtual shareholder engagement (eg audiocast and videocast) (31).
  • The focus on environmental and social matters continues to increase. The resolutions proposed range from resolutions to approve climate-related financial disclosures, climate change reports, a remuneration policy with ESG metrics, climate transition plans and net zero pathways.
  • Such resolutions are being voluntarily proposed by companies with only one being requisitioned. In respect of the requisitioned resolution, the investor withdrew the resolution after Unilever agreed to disclose the share of food and drink sales made up of ‘healthier’ products, as defined by government-endorsed nutrient profiling models. Unilever agreed to set a long-term target and a strategy to increase that share.

 

› Download the full report "FTSE 350: Snapshot of arrangements for AGMs held since January 2022" (PDF)

 

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.

 

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