Ensuring that shareholders are heard

THIS WEEK'S TOPIC: Should companies be required to adopt a hybrid of both physical and virtual annual general meetings (AGMs) in the future?

Victor Mills Chief Executive Singapore International Chamber of Commerce

Virtual AGMs were necessary last year. However, they are predominantly one-way communication vehicles favouring the company.

General meetings need to enable engagement and transparency. Boards need to engage with their shareholders and vice versa.

General meetings should always be a two-way street. Shareholders need to feel the proceedings are fair and transparent and give them opportunities to ask questions.

While they do cost more, holding a hybrid AGM is the best way of satisfying the twin goals of mutual engagement and transparency while providing flexibility and safety. That is why the Chamber's 180th AGM will be a hybrid event in 2021.

David Kuo Co-founder The Smart Investor

The AGM should be the most important event in any shareholder's diary. It is not only our right to vote on important issues, but it is the time when we can ask probing questions about how our business is being run. It can be uncomfortable for some directors. But we are, after all, part owners of the business.

So it is not a question of whether companies should be required to adopt hybrid AGMs. Instead, it is a question of whether a company respects enough the views of the people who are financing the business to make AGMs fully inclusive.

Lawrence Loh Director, Centre for Governance and Sustainability NUS Business School

Offering choices is always good. AGMs should not be made only available in binary modes - physical or virtual. Shareholders may have specific reasons to attend in whichever mode. The physical format allows the depth and personal touch in the meeting. Yet, due to locational or other reasons, some may need the virtual access.

Hybrid methods have been shown to be effective in settings such as education. With proper arrangements, these can allow seamless integration of onsite and online participation. Logistical convenience should be the last reason to move to a fully electronic AGM. Let the shareholder decide the way to attend.

John Bittleston Founder and Chair Terrific Mentors International Pte Ltd

So much of what we do now is done on the Net. The reasons for this are obvious - transparency, convenience, awareness of misuse of resources, and so on.

AGMs have been rather a lost opportunity for the last half century. Questions have been either ''buns to the bear'' or if critical, dismissed with a non-answer, sometimes rudely. Putting AGMs online as well as holding them in a physical setting makes a lot of sense. I think hybrid AGMs should be made compulsory as soon as possible.

Yeoh Oon Jin Executive Chairman PwC Singapore

Advancements in the technology and security of virtual meetings have enabled more and easier cross-border shareholder participation at virtual AGMs, which in turn provide time- and cost savings. These benefits are making virtual AGMs increasingly popular.

However, there may still be some reservations around the authenticity of a virtual shareholder's identity and integrity of the online voting process. Furthermore, the proven benefits of personal interaction and opportunities for real-time interjection and responses on important issues at physical AGMs make a case for the relevance of the traditional format.

All matters considered, the combination of physical meetings with secured remote access options, if well-executed, could provide the best of both worlds for companies to consider.

Max Loh Managing Partner, Singapore and Brunei Ernst & Young LLP

The fundamental purpose of the AGM must be that of an opportunity to build trust, empower engagement and communicate with as many stakeholders as possible relevant financial and non-financial information for decision-making.

With that in mind, a hybrid approach should be encouraged. It allows for audience choice - some prefer the immersive experience of face-to-face while others appreciate the convenience of virtual - and enables a wider outreach that would have been otherwise limited by the capacity of the physical location.

Regardless of the approach, ultimately, two things matter most: the substance of the meeting wherein companies provide a holistic narrative of the business past and into the future; as well as the spirit of transparency, open dialogue and willingness to engage stakeholders authentically.

Greg Armshaw Senior Solutions Director Brightcove

It is not a matter of whether a hybrid approach should be mandatory for AGMs - obviously that decision lies with each individual organisation and its leadership. The question is whether any organisation can expect to achieve maximum reach, engagement and knowledge transfer without offering both live and virtual attendance options. And the answer in most cases is ''probably not''.

Hybrid events are not a temporary solution until things return to ''normal''. Technology-forward organisations have learnt they can exponentially extend the reach of any event by expanding participation options for people who cannot or choose not to travel. The benefits of hybrid events are clear, and there is no going back at this point.

Dileep Nair Independent Director Thakral Corporation Limited

Statutory requirements aside, AGMs are essential for companies to effectively engage with key stakeholders. Virtual AGMs that became de rigueur with the pandemic last year, unfortunately saw shareholder attendance plummet.

Supplementing virtual AGMs with small physical meetings, however, is not the best solution and will only incur additional costs and logistical headaches of managing different meeting formats.

It is far better to improve the conduct and operation of the virtual AGM using sophisticated electronic platforms. Onboarding the meeting for participants should be made easy and seamless so that the focus is on content and not technical logistics.

Essential, too, is the opportunity for real-time Q&A as well as electronic voting to replicate the feel of an in-person meeting.

As an inducement, attendees can even be rewarded with e-vouchers for their spending. These enhancements should then make the fully virtual AGM virtually the gold standard.

Yu-En Ong Head of Singapore Norton Rose Fulbright (Asia) LLP

The pandemic has caused a sea change in working practices and by necessity, AGMs worldwide have been conducted online. The in-person AGM is a key pillar of investor relations and shareholder engagement.

The challenge for companies that move to a hybrid model will be to ensure they maintain compliance with a wide range of regulatory and reporting requirements in a virtual environment. Some may argue that the law, which was based on low or no technology when it was first conceived and legislated, has not caught up with technological advancements.

Lawrence Chan Managing Director MyRepublic Singapore

As we cross the one-year mark since the pandemic, it is clear that businesses have to continue re-inventing ways of working and meeting.

With safety at the forefront of many agendas, hybrid AGMs enable organisations to maximise reach and attendance, while providing invaluable engagement that online gatherings cannot provide.

Companies that opt for hybrid AGMs have to ensure they are equipped with the right expertise, technology and connectivity to deliver an equal, seamless and secure experience for all participants. Business leaders will also have to model closely after prevailing government advisories and adapt their approach accordingly.

Mark Laudi Chief Executive Officer Hong Bao Media

The problem with virtual AGMs is not the webcast; it is what the speakers do during the webcast.

As companies are required by SGX to accept and respond to questions before the AGM, few provide the opportunity for shareholders to ask questions during the AGM. As all voting also takes place before the AGM, the webcast turns into a very one-way affair. Imagine showing up in person at an AGM, and all the speakers do is give a 15 minute presentation, with no Q&A or polling. There would be just as few attendees.

There is no technical reason why companies cannot offer to answer additional questions during a fully virtual AGM. The board and senior management just need to be more media- savvy and build their confidence in fielding questions.

Jeffery Tan Group General Counsel & Chief Sustainability Officer Jardine Cycle & Carriage

The Covid pandemic required companies to pivot from physical AGMs to virtual ones. While hybrid AGMs with both physical and online participation may seem a sensible approach, perhaps the larger question to ask is whether virtual AGMs with enhanced digital technology can be optimised for greater interaction with shareholders - akin to, and even surpassing physical meetings - as it eliminates the need for travel, minimises exposure to possible infection and maximises AGM participation for shareholders with multiple meetings they wish to attend.

The banking, food & beverage and retail industries have successfully pivoted from the physical to online platforms with minimal impact to the overall experience - in many cases even enhancing it.

Perhaps AGMs need to escape the ''gravitational pull'' of the old way of convening physical meetings (even in a hybrid form); and in so doing, create a new virtual AGM paradigm that brings a richer digital experience for shareholders with the (progressive) companies they are invested in.

Cheryl Seow Assistant Group CEO and Group CFO ARA Asset Management Limited

With a strong emphasis on effective, transparent and timely investor communications, ARA believes in going beyond the mandatory AGM to engage with its shareholders.

The plethora of communication channels with the company includes a dedicated investor relations team just a phone call away to address investor queries, one-to-one meetings, public seminars/webinars, company open days or site visits, among others (with safe distancing in place).

Considering the efficiencies of online meetings and the availability of varied means to achieving effective shareholder engagement, companies should be allowed to decide if a hybrid or virtual meeting works best for them and their shareholders.

Loh Hoon Sun Senior Advisor Phillip Securities Pte Ltd.

In this day and age of technology, whether there is a pandemic or not, it is best to have hybrid (physical plus virtual) AGMs. This will benefit both shareholders and the company.

Some shareholders are still not comfortable with virtual meetings. Those who choose to attend e-meetings will save travelling time, provided they are allowed to ask questions on the spot like in a physical meeting.

If the hybrid model is adopted, there will be fewer shareholders attending physical meetings. This should enable most companies to be able to hold physical AGMs and EGMs in their own offices, thereby saving cost.

Cheung Pui Yuen Chief Executive Officer Deloitte Singapore

Virtual AGMs provide companies some degree of flexibility, and it also increases convenience and maximises accessibility for shareholders. The global pandemic has given companies the opportunity to reflect on the extent of incorporating virtual elements for their AGMs.

We can expect more companies to adopt hybrid meetings, and companies should have the flexibility to find the balance between a physical and virtual AGM as this will vary for each organisation depending on their circumstances. Ultimately, AGMs need to deliver its intended benefit to both the company and its shareholders.

Mark Billington Regional Director, Greater China and SE Asia ICAEW

Virtual AGMs can be more convenient and allow interested parties to attend from anywhere in the world. This can facilitate greater attendance and discussion with more shareholders, not only eliminating geographical barriers but also reducing the environmental and financial costs of travelling.

Nonetheless, businesses should ensure that a new meeting format does not compromise the integrity of AGMs or the level of engagement with stakeholders.

Companies should put in place measures to enable smooth voting procedures and encourage participation, such as real-time polls and functions that facilitate feedback and questions from attendees.

In the long term, businesses could explore holding hybrid meetings so there is no need to sacrifice the benefits of either format, and to combine convenience and effective engagement with shareholders, giving them the option to either dial in or attend physically.

Kamal Samuel Managing Director (SG) Financial PR

A hybrid format is good as it allows overseas and local investors to participate, but participation is useless if it is a meaningless procession of board resolutions. The key to a good AGM is to engage shareholders, and create an environment that is conducive for discussion.

Currently, shareholders submit questions before the AGM and the replies are posted on SGX. As the questions and answers are not repeated during the AGM, there is little incentive for shareholders to attend. AGMs are after all only once a year, so we should make an effort to engage with shareholders more effectively.

Charles Ferguson General Manager, Asia Pacific Globalization Partners

Consistent to today's remote and hybrid working culture which companies have embraced, shareholders should be given the choice to participate in a hybrid or a fully virtual AGM as per their preference.

A blended AGM format seems ideal as boards are able to leverage technology to empower meeting participants especially those in other geographies, derive cost savings from physical event logistics, and enhance data capture which can provide useful insights.

At the same time, the physical aspect can then address concerns around the participants' identity verification, transparency of the voting process, and a fair and open discussion and Q&A, among others.

Beyond local legislation and the respective organisations' constitutional provision for an all-virtual or hybrid AGM format, a more gradual shift in shareholders' attitudes and acceptance of hybrid AGMs should be given time and consideration, and we see many of our clients doing just that.

David Emery Chairman Reciprocus International Pte Ltd

A hybrid approach to all business- related events, including AGMs and EGMs, should definitely be the format of choice post-pandemic and well beyond. As much as video conferencing tools and platforms have been vastly improved and made easier to use, personal contact and interactions at meetings and conferences continue to be a critical part of our relationship-based society and vital to maintain and grow our networks.

Especially in controversial situations that require extensive deliberations and careful consideration of other points of view, the advantages of being in the same room as the people with differing opinions and to be able to ''feel the vibes'' when they make their arguments can never be entirely replaced by any Zoom calls or such.

Naveen Menon President, ASEAN Cisco

The hybrid working model is here to stay. Advances in collaboration technology have proven to enable physical and virtual events like AGMs to run smoothly and safely. A recent study by Cisco found that 88 per cent of workers in the Asia-Pacific favour a mix of office-based and remote work. Business events are increasingly hybrid as well, as organisers adapt to travel and social-distancing restrictions; and participants are rebuilding trust around congregating in larger, physical groups.

AGMs are highly confidential in nature and so extra precautions will be needed to safeguard sensitive corporate data. Hence, businesses that move to virtual AGMs will need to improve the security posture around video meetings and invest in more security infrastructure. We see cyber security becoming a higher priority for companies.

Peta Latimer CEO, Singapore Mercer

The main gripe about virtual AGMs has been centred on the inability for shareholders, particularly retail investors, to raise concerns or questions as they normally would in an in-person AGM. But if done well, virtual AGMs - as with many events that have gone online - can easily address hurdles of follow-up questions or on-the-spot responses through live interactions, and have immense potential to increase shareholder engagement, governance and transparency.

This would, however, require that companies have the right tools and platforms to fully reap the benefits, including the lower costs and efficiency that virtual AGMs have brought. Until then, a hybrid of both physical and virtual AGMs may be the only route to go.

Lee Siang Chief Executive Officer Dyslexia Association of Singapore

An important question to consider is: What are the expectations of the stakeholders? It is highly likely that they have different preferences among them. At the Dyslexia Association of Singapore, many of our meetings and classes are now offered in ''dual mode''. Participants can choose to attend in person or virtually. This safeguards our employees' and students' health while at the same time offering flexibility of choice and catering to individual learning, working and engagement styles. Such an approach can be adopted by companies for the AGM as well as other events and activities.

Chia Ngiang Hong President Real Estate Developers' Association of Singapore (REDAS)

Virtual and physical meetings have their own respective pros and cons. A hybrid allows shareholders to circumvent geographical or administrative obstacles that may hinder attendance without depriving other shareholders the opportunity to engage company directors in person.

I believe that as companies pivot towards better governance, transparency and shareholders' engagement, the benefits of virtual AGMs could outweigh physical meetings as technology enablers develop and evolve further.

As such, it might be counter-productive to impose a mandatory requirement for hybrid. Each company should consider various factors including shareholders' profile and their relative preferences, digital readiness of the company, its capacity to replicate physical AGMs effectively, and the company's financial resources.

Ultimately, AGMs should allow for the highest possible level of openness, accessibility and scrutiny by the shareholders towards the company's performance and governance.

Gan Ta Loong MD, Barco SEA and VP Immersive Experience, Barco APAC

Companies have been forced to move their AGMs online as Covid-19 hit last year. With most shareholders still connecting remotely, a hybrid model that combines virtual and physical aspects of AGMs may prove to be the most effective for all parties.

With virtual meetings, stakeholders miss out on real-time experiences such as Q&A sessions. Such limitations can be overcome with the right technology to improve communication and engagement through body language and micro-expressions.

Hybrid meeting models can dismantle physical barriers by empowering stakeholders to join the AGM from anywhere in the world, eliminating travel time and costs. While a fully virtual AGM might not be suitable for all, the hybrid model may be a noteworthy substitute.

Samit Chopra MD, International (EMEA & Pacific) Strategy & Operations WeWork

Given the current circumstances and the evolving nature of the pandemic, hybrid is the way to go. Physical meetings may have returned in some form but we should acknowledge the opportunities that virtual engagements have brought - more global and diverse participation, which might previously have been limited by travel.

In-person meetings and collaboration will remain crucial, especially in shaping company culture and employee engagement.

At WeWork, we are seeing gradual but strong interest in the return of in-person events - ranging from business planning to launches - with priority on balancing safety, productivity, logistics and employee sentiment.

Maren Schweizer Director Schweizer World Pte Ltd

Digital-only live format is the way forward. By doing so, we have to ensure (1) shareholder rights, (2) the ability to ask questions before and, more importantly, during meetings, and (3) governance. Voting integrity and reliable vote-counting also require new regulation standards.

In 2021 we are not jumping at the deep end. Blockchain (DLT) technology such as Nasdaq eVoting, for example, is here while corporates and technology providers can build on 2020 experiences.

We shall offer our shareholders on-demand video training and trial sessions in advance to ensure proper and lively remote interaction during shareholder meetings.

Besides, we could provide several satellites in the form of smaller conference meeting rooms to be used by shareholders close to their location, easily accessible by all means of transport.

More than ever, it is vital to work together with our shareholders to build trust and find common ground in times of high-pace digital transformation.

Sridhar Pinnapureddy Chairman CtrlS & Cloud4C

While virtual AGMs will likely never achieve the same level of connectedness as face-to-face meetings, they offer a lot more flexibility and transparency. Similar to the shift of physical stock exchanges to virtual trading platforms, e-AGMs result in increased accessibility, time management, cost savings with less logistics involved.

I believe a hybrid approach to AGMs is far more effective as it removes the barriers of a traditional AGM while adhering to safe management measures. Using the right technology tools to ensure communication and security issues are addressed is one way to ensure the meetings are more informative.

Alper Turken SVP, Service Provider, Asia Pacific CommScope

Businesses are adjusting the way they operate to better adapt, scale and innovate with the use of technology in today's context. The current environment, in particular with travel restrictions, has accelerated the adoption of virtual events since it breaks down geographical barriers.

In physical meetings, technologies-enabled solutions and services such as facial recognition and thermal scanning will be essential to manage the health and safety of the attendees.

For a virtual session, it is critical that the network connection provides an optimal upstream bandwidth experience that allow participants to be as engaged as they would be in person. Connectivity will play an important role to ensure both platforms deliver the desired outcomes.

Kannan Chettiar Managing Director Avvanz

Based on my experience in Avvanz working with several companies to help them with digital transformation -related training for staff and to digitalise their processes and organisation as a whole, I am a big advocate of hybrid (or phygital) meetings. Our upcoming Techstival conference will be delivered in this format.

A virtual AGM, if managed properly, can be even more effective in terms of discussions, collaboration and of course is cost and time-efficient. Pushing the boundary to hybrid provides a viable option to those who need the physical touch. Q&A, voting and polling can all be done in the phygital format too.

With the government's push for digitalisation across all demographies, there is no excuse of not being familiar with how to function in a phygital environment.

Lex Lee Chief Strategy Officer TOP International Holding

e-AGM sounds like a sensible alternative as it is cost-efficient, reduces commuting time, yet provides a platform for Q&As. Ensuring that shareholders understand the company results, are able to vote on certain decisions, and can ask any burning questions, are the primary objectives of an AGM. These must remain key whichever mode the AGM is conducted in.

Current technology and adoption rate may still be nascent in achieving these, given the high costs of losing the dynamic interactions. Hybrid would be a good in-between approach to drive adoption and refine the use case. For a start, the emphasis should still be tilted towards the physical mode.

It is a similar philosophy we take when we roll out our Future of Work initiatives - optimising the available technology while not losing sight of the purpose.

Michael Yap Executive Director and Deputy Chairman Azeus Systems Limited

The hybrid AGM format will give companies greater flexibility in accommodating shareholders' preferences by giving shareholders the option of attending either physically or virtually. That said, shareholders who attend AGMs virtually should get the same experience and rights as those who attend in person.

The virtual platform must enable high interactivity between shareholders and companies, where all parties are given full access and parity in addressing questions from all channels - including audio, video and textual forms.

When done seamlessly, the hybrid format transcends physical AGMs. It enhances the convenience of physical AGMs through digitalisation and expands a fuller suite of interactive opportunities for stakeholder engagement and participation.

Ang Shih-Huei CEO and Co-founder Klareco Communications

While companies have adapted well to virtual AGMs, we believe that this may not be ideal over the longer term. It is important that shareholders have a useful platform to hear directly and engage with the management of a company.

On the other hand, a fully physical AGM is a thing of the past - it is both costly and time-consumptive for companies, particularly those with a large shareholder base.

The pandemic has challenged conventional norms, and has shown that there are merits of incorporating the virtual format into AGMs.

To embrace the benefits of both the virtual and physical formats, companies would benefit from the hybrid format for AGMs. The focus now needs to be on streamlining the requirements to conduct the hybrid format in an effective and efficient manner.

Mario Singh Chief Executive Officer Fullerton Markets

The medium in which AGMs are held should not be as important as the purpose of holding them. It is quite disappointing to read that shareholder attendance for Singapore listcos' meetings in 2020 fell by 70 per cent compared to 2019 numbers. Granted, this could be due to the switch from physical to online meetings due to the pandemic but it should not cause such a drastic drop in shareholder participation.

A quick glance of the SGX website shows that almost all the listco meetings for April 2021 will be ''held by electronic means''. Hence, shareholders really need to gear up to the new norm of digital meetings.

According to Berkshire Hathaway chairman and CEO Warren Buffett, investors should invest in companies that they both understand and believe will offer long-term value. If this statement by one of the world's most successful investors is taken seriously, then AGMs - whether virtual or physical - are the best place for shareholders to find out, directly from the management, about the future of the company.

Aman Gupta Managing Partner SPAG

The way we do business today has changed. AGMs also need a complete overhaul in the way they are conducted. Hence,

a. While virtual AGMs are the way ahead, it is equally important to sensitise all stakeholders on how they can be part of the AGM virtually, as well as derive the full experience.

b. Robust support systems need to be created where there is a well-oiled mechanism to address any queries or concerns. Having additional sessions to train people and clear doubts is a good option too.

c. Today's digital conferencing tools are advanced and allow you to get a full networking experience through breakout rooms and chat rooms. These should be utilised as they allow engagement with the leadership and enhance networking.

Those who innovate are the ones that will stand strong. Stakeholders will henceforth look at innovation and creativity as the winning strength that defines purpose.

Andrew Yeo Chief Executive Officer NTUC Income

By adopting either physical or virtual AGMs, companies can attain resource and event management efficiencies. A hybrid format, however, diminishes such efficiencies although it offers shareholders choice in attending the AGM in their preferred format. For virtual AGM attendees, benefits include greater convenience, with time saved on commuting.

The focus should then be about boosting the virtual event experience to encourage attendance. Unfamiliarity with navigating the virtual platform is one hurdle that companies can help tackle by providing technical support before and during the event.

The delivery format of the AGM, for example, in webinar style with host facilitation, can be considered to enhance engagement and interactivity with attendees. There is much room to bring about a new way of delivering quality AGMs to shareholders in our new environment.

Annie Yap Founder & Chairman The AYP Group

In the future, it would be interesting for companies to adopt a mix of both physical and virtual AGMs. Both physical and virtual AGMs have their various benefits and adopting a hybrid of both would give companies the opportunity to reap a variety of benefits from them.

Physical AGMs allow attendees to interact on a personal level, while virtual AGMs widens the reach and allows attendees to attend regardless of their location. Having a mixture of both would mean that organisations can benefit from the flexibility of online AGMs, while still not missing out on the personal touch that physical AGMs have.

Lim Soon Hock Managing Director PLAN-B ICAG

AGMs are good opportunities for listcos to engage more and openly with shareholders. Getting maximum participation by shareholders therefore must a sacrosanct goal of the board. Hence if physical meetings can attract more participation than virtual meetings, and are permitted, boards have the moral and fiduciary responsibility to provide this.

Other than providing updates, AGMs are also an excellent opportunity for the board to address shareholders' concerns and to listen to their recommendations. Listcos stand to benefit more when more shareholders attend.

Companies should also offer virtual AGMs as an alternative to those who may opt for it. We can reasonably expect the hybrid model to maximise participation, allowing the boards to achieve the goal of maximum participation by shareholders.

Kong Wan Sing Founder and CEO JustCo

The pandemic has accelerated the speed of digitalisation globally, allowing businesses to efficiently perform tasks, organise meetings and collaborate between teams remotely. With growing acceptance of workplace environments that combine virtual and physical interactions, companies are appreciating the benefits of virtual AGMs including reduced commuting time and the ability to convene a dispersed workforce in a cost-effective manner.

Businesses are also leveraging mobile-friendly productivity tools and tech-enabled innovations to provide seamless collaboration opportunities for their workforce. As demand increases, workspace experience providers like JustCo continue to support businesses by offering hybrid solutions such as varied physical meeting spaces, and workspace technologies like digital apps, AI-driven software and video conferencing hardware across all its locations.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

A hybrid model for AGMs with physical meetings and e-meetings is most efficacious in terms of time and resources. Most AGMs are flow-through sessions with set procedures. With no contestable agendas and routine proceedings to pass resolutions, such perfunctory sessions can be easily organised as virtual meetings. The technologies for large-scale e-meetings with auditable voting and polling mechanisms, quorum count and ''right to speak'' are all embedded in the applications that make e-meeting seamless.

The difference is, for e-meetings, the ''sights, sound and fury'' part may be missing. The debates may not be as rambunctious as seen physically with the cacophony of nays or ayes. Many members partake in the physical AGM also for the get-together and food. E-meetings dispense with the buffet spread.

In any case, I strongly advocate for the hybrid model to be the prevailing standard for AGMs.

Zaheer Merchant Regional Director (Singapore & Europe) QI Group of Companies

The Companies Act does not prescribe the modality of an AGM, which prior to Covid-19 was obviously a physical meeting. The Covid-19 (Temporary Measures) Act extended the timeframe till June 2021 and allows for virtual meetings. The interesting legality may be if there will be any amendment or other specific directions to allow hybrid AGMs or whether the cessation of temporary measures will reset everything back to the pre-Covid position. This may conclusively determine the point other than what a company ''wants''.

Assuming mutuality, it does suggest meetings be physical meetings. I venture to say that needs, wants and convenience should allow hybrid meetings, with more people actually wanting virtual meetings. It is evident that this process must equally pivot and transition when everything else globally has been turned on its head.