Virus pandemic drives online 11.9m shareholder meetingsFinance | 16 Mar 2021 4:12 pm
Many jurisdictions are adopting digital annual general meetings, a survey has found.
Tricor Hong Kong and Quinlan said 11.9 million AGMs were held worldwide in 2020 by corporations and non-profit organizations at a cost of US$9.3 billion (HK$72.5 billion).
Joe Wan, chief executive of Tricor Hong Kong, said the AGM digitization trend accelerated as a result of social distancing measures, prompting 1,494 companies to go online, six times more than that in 2019. More than 70 percent of 43 respondents from public companies in Hong Kong have not considered holding digital AGMs before the pandemic.
Wan added that many jurisdictions have relaxed restrictions on AGMs and allowed virtual or hybrid AGMs, including the United States, Canada, mainland China and Singapore.
The global AGM solutions market could expand by a compound annual growth rate of about 10 percent over the next five years to about US$219 million by 2025, the study found.