Virtual‑Only AGMs: Market Reality, Governance Risks, and the Path Forward

The Evolving Role of Virtual‑Only Shareholder Meetings

The Covid‑19 pandemic marked a turning point for General Shareholders’ Meetings (GSMs), accelerating the adoption of digital tools to ensure continuity and shareholder participation. As restrictions eased, hybrid meetings, combining in‑person and virtual access, emerged as international best practice, balancing inclusivity with accountability.

Despite this convergence, global practices remain fragmented. Some markets have moved decisively toward virtual‑only AGMs, citing logistical efficiency, cost savings, and streamlined meeting formats. Virtual‑only meetings are now widely adopted in markets such as Germany, the United States, and Canada, while remaining rare, or prohibited altogether, in parts of Europe and other jurisdictions.

This divergence reflects more than regulatory differences; it underscores a broader governance debate. While virtual‑only formats offer clear operational advantages, stakeholders continue to question whether they provide the same level of transparency, engagement, and accountability as physical or hybrid meetings.

As a result, the focus has shifted from format to substance. Preserving shareholder rights, particularly voting, live access, and real‑time Q&A, is critical to the credibility of any virtual‑only AGM. Issuers considering this approach must also assess technology, disclosure, and reputational risks to ensure the meeting strengthens, rather than undermines, investor trust.

Ultimately, the future of shareholder meetings will be defined not by digital capability alone, but by how effectively issuers balance efficiency with engagement in an evolving governance landscape.

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