Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what comparative analysis his Department has made of the use of virtual-only Annual General Meeting practices in (a) the United States, (b) the European Union and (c) other major financial centres.

The government has committed to clarifying the law in relation to fully virtual Annual General Meetings (AGMs). 85% of OECD Factbook countries already allow virtual AGMs, including the United States, most European Union countries, and other major financial centres, such as Japan.

Officials are engaging with investors and business on the practicalities of this, and our Modernising Corporate Reporting programme will include consideration of the shareholder safeguards that should accompany this change. This will ensure that fully virtual meetings only take place where shareholders agree, preserving the option for physical or hybrid attendance where it is shareholders’ preferred format.

A full assessment of fully virtual AGMs as part of the consultation, is due to be published shortly.