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ARTICLE · 27 FEBRUARY 2018

IA Issues Position Paper On Virtual-Only AGMs

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On 17 December 2017, the IA issued a position paper, which sets out the views of its members on virtual-only annual general meetings (AGMs).

United KingdomCorporate/Commercial Law
A&O Shearman
A&O Shearman
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On 17 December 2017, the IA issued a position paper, which sets out the views of its members on virtual-only annual general meetings (AGMs).

The position paper sets out the view of the IA that, although technology is useful to complement the physical AGM, companies should not adopt a "virtual-only" approach. The IA states that virtual-only AGMs remove the public accountability of board members due to the remoteness of participants, whilst physical meetings demonstrate commitment to understanding the views of shareholders.

The IA concluded that its members will not support amendments to the Articles of Association of companies in relation to electronic meetings if they allow for virtual-only AGMs. They expect any amendments to the Articles of Association to confirm that a physical meeting will be held alongside an electronic element.

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