The U.K. regulator for audit and accounting reviewed about 200 annual general meetings that were held remotely because of the coronavirus pandemic. It found that for 30 of those shareholder meetings, companies made no arrangements for investors to pose questions to the board before or during the event, the FRC said.
PREVIEWSUBSCRIBE Closed meetings restrict shareholders’ rights to hold boards accountable and do not align with the U.K. Corporate Governance Code—a rulebook on good corporate citizenship—the FRC said. The regulator called companies’ actions “disappointing” and said it is concerned that a permanent move to remote shareholder meetings could disenfranchise shareholders.
The FRC’s findings mirror those of an earlier study by the Hebrew University of Jerusalem published in August that analyzed remote shareholder meetings held by U.S. companies in the S&P 500 index. Many companies asked for questions in advance, responded only to a select number of them and didn’t disclose how many queries were received, according to the study.
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