We continue to track the approach FTSE 350 companies are taking to the holding of their AGMs. We have set out in our latest 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&As and the level of shareholder engagement being offered.
Key trends
- The trend of companies holding their AGMs entirely physically continues to increase with 62% of FTSE 350 companies opting out of any form of electronic engagement (55% 2022). Fewer meetings (19%) are being held as hybrid meetings (25% 2022). 2 companies (TUI AG and Clarkson PLC) have held a fully virtual meeting.
- There have been 7 environmental and social resolutions, with all those proposed by the board successfully passed. These resolutions proposed by the board were advisory and related either to approval of the company's climate transition plan, climate report or approving the company's climate-related financial disclosures. The one requisitioned resolution was not passed.
- A total of only 41% of FTSE 350 companies who issued their AGM notices between November 2022 and the end of August 2023 have adopted the new Pre-Emption Group guidelines to some extent:
- 32% of FTSE 350 companies have adopted the 10% + 10% thresholds for disapplication of pre-emption rights and authority for related follow-on offers; and
- an additional 9% have adopted the 10% + 10% thresholds only, but have decided not to take authority for related follow-on offers.
- Resolutions on remuneration continued to receive the most opposition, with two resolutions to approve remuneration reports voted down.
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This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.
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