Spread of coronavirus drives US companies into cyberspace for annual meetings

REUTERS: More US 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.

"We are seeing more and more companies discuss and consider moving toward virtual meetings this year due to the coronavirus issue," said Courtney Adante, president of security risk advisory at global consulting firm Teneo. Some investors see a worrying trend. They are concerned that these changes will become permanent, curtailing shareholders' ability to demonstrate at the meetings and grill corporate management and boards of directors in person.

To be sure, only a small fraction of companies currently host their annual shareholder meetings on the internet. Yet even before the coronavirus outbreak that number was growing. "Managements and boards have disproportionate control over the flow of information and the ability of shareholders to ask questions,” said Jonas Kron, director of shareholder advocacy at investment management firm Trillium Asset Management LLC, which submits proposals on climate change and racial and gender equity.

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