Communication technology helps boost AGM attendance
Study finds Australian firms use innovative techniques to encourage shareholders to participate in major meetings.
Companies in Australia are using communication technology to deal with a decline in shareholder attendance at their Annual General Meetings (AGM), according to a study of 70 meetings throughout 2006.
Carried out by law firm, Blake Dawson Waldron, in conjunction with corporate governance education body, Chartered Secretaries Australia (CSA), the survey found that technology, such as online video and e-voting systems are being used to engage AGM attendees and give non-attendees opportunities to view meetings remotely.
The most popular technology was the webcast, which was used at 50% of the surveyed AGMs.
Remote communications
The most popular technology was the webcast, used at 50% of the AGMs surveyed. One company, banking firm, Westpac, also provided a live video-conferencing link for delegates in another state.
"The AGM process remains one important forum for companies and shareholders to meet and exchange information," says CSA's chief executive, Tim Sheehy. "With increasing technology-driven alternatives for communication, there's now a unique opportunity to improve AGM processes," he says.
With increasing technology-driven alternatives for communication, there's now a unique opportunity to improve AGM processes.
Creating interest
Communication technologies were also used as a way to engage audiences, with 36% of companies using a corporate video during their AGMs. Two firms, airline Qantas Airways and banking corporation, Australia and New Zealand Banking Group, went further by testing e-voting systems at their AGMs, generating positive feedback from delegates.
"The survey shows that while voting was predominantly conducted by a show of hands, there was a slight increase in the use of electronic voting. As the costs of such new technologies decline, there may be a continuing increase in their use over time,"," says Sheehy.
Hub discussion forum
So, do you think AGMs could be improved by the use of more communication technology, or will it just complicate things? Go to the Hub dicussion forum to have your say.
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