The US experienced a stronger resurgence of in-person meetings than many other jurisdictions
Fully-virtual shareholder meetings have largely retained their popularity globally among clients during the 2022 AGM season despite the relaxation of restrictions on meeting in person in some jurisdictions, according to new data.
A study from Computershare found that during the 2022 AGM season, 28.3% of AGMs held around the world by clients of the global issuer services provider have been organized virtually, compared to 30.9% in 2021.
Nevertheless, in-person meetings remain the most common among Computershare clients, representing around two-thirds of total meetings held in both the 2021 (67.7%) and 2022 (68.3%) AGM seasons.
The figures were drawn from meetings held by clients in six areas: the US, Hong Kong, Canada, Continental Europe, Australia and New Zealand as well as the UK, Channel Islands and Ireland.
Hybrid AGMs – which allow shareholders to attend in person or virtually – experienced the biggest proportional change, moving from 1.3% to 3.4% of all meetings held globally.
However, the vast majority of this change was experienced in Hong Kong, where the proportion of AGMs held as hybrids moved from 0.1% to 5.7%, largely as a result of ongoing pandemic-related restrictions.
“Two years ago, Computershare helped issuers around the world pivot towards hosting virtual annual meetings to comply with temporary pandemic-related regulations and safeguard the health and safety of shareholders and stakeholders,” said Naz Sarkar, global CEO of Computershare Issuer Services. “Today, our data suggest that companies in countries where Covid restrictions were lifted within the first quarter of the year, such as in the US and Continental Europe, have favored in-person meetings during 2022.
“Virtual and hybrid meetings were more common among Computershare clients in regions where Covid-related restrictions were lifted later in the year – including UCIA, Canada, Hong Kong, Australia and New Zealand,” added Sarkar.
The US experienced a stronger resurgence of in-person meetings than many other jurisdictions, with the proportion held in a traditional format increasing by 7.0%, the proportion held fully virtually decreasing by 5.2% and hybrids stopping among Computershare clients completely.
Canada broadly moved in the opposite direction, however, seeing a 6.1% decrease in the proportion of meetings held in person. The market also saw the greatest increase in the proportion held virtually (5.7%) and a 0.4% increase in those that were held as hybrids.
Amongst the markets, the second highest increase in the proportion of meetings held virtually (2.8%) and as hybrids (2.5%) took place in Australia and New Zealand, where the AGM season is ongoing.
There was a further move towards hybrid and virtual meetings in the United Kingdom, Ireland and the Channel Islands, with the proportion being held in person decreasing by 4.0%.
Hong Kong experienced the second-highest decrease in the proportion of AGMs held in person (-7.0%) as well as a 1.4% increase in those held virtually.
Continental European countries witnessed the largest increase (18.6%) in the proportion of meetings held in‑person, with the largest difference between 2021 and 2022 (25.2% to 43.8%, respectively).
