Aim companies list8/31/2023 ![]() ![]() For a time during the pandemic, it was possible to hold virtual only meetings under the temporary provisions of the Corporate Insolvency and Governance Act 2020 but the relevant provisions expired in March 2021. a hybrid meeting, with both electronic participation and a physical meeting place, is valid, but a virtual only meeting is not). This has been interpreted as requiring a physical place (i.e. There remains uncertainty as to whether virtual shareholder meetings are legally valid under the Companies Act 2006, which requires the notice to state the "place" of the meeting. Companies should be mindful that, with all restrictions lifted, shareholders have a legal right to attend AGMs and such attendance cannot be prevented, and should not be discouraged, for so long as there are no COVID-19 measures in place. Over the past few years there has been a large number of companies amending their articles to include hybrid meeting provisions but we do not anticipate many companies, especially those on AIM, using these provisions yet, in particular due to the higher costs and logistical challenges associated with a hybrid meeting compared to one that is only in person. However, companies are likely to continue to offer increased shareholder engagement mechanisms compared to the position prior to the pandemic, such as the ability to ask questions by email in advance and/or broadcasting the AGM via a webinar. With COVID-19 restrictions now lifted in England, and subject to any unforeseen changes, we expect it to be possible for shareholders to attend 2022 AGMs in person. Format of meeting and shareholder engagement ![]()
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