In recent years, some platforms have improved the ease of shareholders attending AGMs in person, with ii and AJ Bell adopting the Broadridge service, which makes it easy to request a Letter of Representation for in-person attendance.
However, gaining access to AGMs electronically is often still cumbersome for all concerned. This is particularly the case for AGMs held on the widely used Lumi platform. To gain access a code must be obtained, which is not a concept Broadridge currently supports. Codes are normally only issued to registered shareholders, but nominee operators can obtain individual codes for ultimate beneficial owners.
Recently, I wanted to attend EasyJet’s AGM electronically to represent my shareholding with AJ Bell (as the AGM was scheduled for 9:30am, I’d have needed an overnight stay to be in time to attend in-person, as I live in the northeast of England). The only way I could do this was by sending a secure message to AJ Bell with my request, which their agent misunderstood originally. After further correspondence, they grasped what I required and, as I understand it, contacted the registrar to obtain a code and eventually emailed it to me.
Ultimately, this process worked and I was able to attend the meeting electronically, ask questions and vote. But it is cumbersome for me, for AJ Bell and for the registrars. I’m sure the complexities would defeat many less experienced shareholders.
ShareSoc’s policy committee will consider what actions we might take to help streamline this process and to ensure that individual shareholders can attend AGMs electronically as easily as they can attend AGMs physically.
If any member wishes to share their own experiences of seeking electronic attendance at AGMs or has suggestions as to how the system could be improved, please make your comments below. I shall be glad to read them.
Mark Bentley, Director, ShareSoc
DISCLOSURE: The author holds shares in EasyJet
This article reflects the opinions of its author and not necessarily those of ShareSoc.
The Blackrock Throgmorton Trust AGM was screened live on 25th March. As a holder via Hargreaves Lansdown I was able to vote my shares in advance there and separately register with the Trust’s website to view the meeting.
It was a real benefit to see & hear the live presentation by the manager and the Board and Manager responses to Q&A within the room. (Visuals were good, audio a little trickier).
I was not able to pose questions during the meeting, so a simple mechanism to put questions in advance (linked to the website registration?) would have been appreciated. I was not able to mingle after business concluded. There was no link or communication between HL (for voting) and Blackrock (for viewing), so I had to be alert to and search out the various possibilities.
Clearly this was not true ‘attendance at the AGM by a member of the company’. But it was well worthwhile for me and with a few tweaks would provide an attractive alternative to a day-trip or over-nighter in London. It also had the feel of a low/moderate cost to run; I would not wish to see the administrative costs of the platforms or Companies escalating – we know who ends up paying….