The Virtual Pivot: Assessing the 2026 AGM Landscape for IBEX-35 Issuers

Following the 2020 pandemic, the landscape for Annual General Meetings (AGMs) underwent a rapid transformation, with hybrid formats, combining physical and virtual attendance, emerging as the dominant preference for IBEX-35 issuers. As we move through the 2026 proxy season, we are observing a notable trend: the continued growth of virtual-only AGMs, which may soon surpass hybrid models as the preferred option for Spanish issuers.

A Global Shift, A Domestic Nuance

While virtual-only meetings have become standard practice in major international markets such as the S&P 500 (U.S.), S&P TSX (Canada), and DAX (Germany), they remain a point of contention in other jurisdictions. In regions like the U.K., Australia, and parts of the EU, including France, Italy, and the Netherlands, such meetings remain either infrequent or strictly forbidden.

Within the Spanish market, several leading IBEX-35 issuers have already adopted the virtual-only format, including Banco Santander, Bankinter, Sacyr, and Redeia.

Global Perspectives on Virtual-Only AGMs 

The Investor Perspective

Institutional investors continue to express diverging views on the convenience of virtual-only AGMs. Key concerns center on ensuring that shareholder rights are not diminished by the digital transition. Some investors emphasize that, should a company amend its constitution to allow for electronic meetings, it should explicitly guarantee that in-person gatherings remain the default, reserved only for truly exceptional circumstances. Conversely, other institutional voices adopt a more supportive stance, provided that robust protections for shareholder participation are clearly established.

"We generally support companies’ decisions to hold virtual-only shareholder meetings so long as shareholder participation rights are appropriately protected."

Best Practices for Issuers

As virtual-only AGMs gain traction, transparency is critical to maintaining investor trust. Leading IBEX-35 companies are proactively bridging the gap by investing significant effort into shareholder education. By providing comprehensive, accessible resources, such as instructional videos, detailed FAQs, and step-by-step guides, issuers are working to ensure that the transition to virtual platforms does not create barriers to engagement.

As we continue to monitor the 2026 season, one thing is clear: the success of the virtual-only format hinges on a company's ability to balance technical efficiency with the fundamental necessity of inclusive shareholder participation. Download our one-page overview for a snapshot of these developments and additional insights. If you are interested in our full report or you would like to discuss in further detail, please contact us.