AGMs During Coronavirus
In this current pandemic, where we are being advised to stay home and stay safe, how are businesses supposed to hold their AGM at a time when a lot of companies would usually be preparing for the start of the next financial year?
The Chartered Governance Institute has published guidance on how to hold an AGM during this period but you will also need to check this advice against what your Articles of Association allow. Please see their website for the full guidance
What are the key options?
Well you could hold a hybrid AGM where attendees meet electronically, using apps such as Facetime and Zoom to accommodate meetings making sure all shareholders have access to the required technology. Alternatives which may be harder would include proxy voting or arranging alternative venues but this will be becoming harder as restrictions continue across the UK but it may become useful when venues open up if particular shareholders are still having to isolate for personal reasons.
Finally there is always the option to postpone or adjourn as the latest date a company can hold an AGM is 6 months after its financial year end. If you have a December year end this may be tricky and you may need to consider what you can make work for the size and scale of your AGM.
If you need help or would like tailored advice please contact the Downs Solicitors Corporate and Commercial Team who can help with all your day to day queries and give you extra help during this uncertain time.