FRC reviews impact of coronavirus on FTSE 350 AGMs

FRC reviews impact of coronavirus on FTSE 350 AGMs

The Financial Reporting Council (FRC) has published a review titled 'AGMs: an opportunity for change', analysing a sample of 202 AGMs held between March and August 2020 to explore the different ways that FTSE 350 companies conducted their 2020 AGMs following the disruption caused by the coronavirus (COVID-19) pandemic. Highlights include:

• 80.7% of companies held closed meetings, requiring voting in advance via proxy

• 81.6% of the 163 companies that held closed meetings made some arrangements to allow for shareholder Q&As with the board

• 60% of the 30 companies that held open meetings used webinar or audiocast functionality with live voting capabilities

• 30 companies 'appear to have not made any arrangements for shareholders to ask questions to the board prior to or during the AGM'

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