Spread of virus drives Corporate America into cyberspace for annual meetings

More U.S. companies are moving their annual shareholder meetings online to help contain the spread of coronavirus, raising concerns among corporate democracy advocates about investors losing access to top executives and board directors.

Software developer F5 Networks Inc will for the first time allow shareholders to vote electronically as part of its virtual meeting on Thursday. F5 will also hold an in-person meeting in Seattle, but cautioned its investors about health and safety issues. "Holding a virtual meeting eliminates the enhanced risk of infections and the related legal exposure," said Kai Liekefett, a partner at law firm Sidley Austin LLP, referring to the risk of investors filing lawsuits against companies if they become ill at the meetings.

Starbucks and F5 did not respond to requests for comment about the effect of virtual meetings on access to their executives and board members. A Qualcomm representative pointed to disclosures on its website, which state that shareholders who attend its annual meeting in person must fill out a questionnaire regarding their travels.

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