AGMs Go Digital

There are questions surrounding how a retailer can accommodate these shareholders when they are based all over the UK, particularly in a post-pandemic world where people don’t necessarily feel comfortable travelling long distances to sit in a room full of people. In this session, we looked at how M&S is pioneering digital AGMs, demonstrating and providing evidence to prove the format's success as it seems to meet the needs of all its shareholders.

M&S have also used innovative engagement methods, notably by introducing the role of a shareholder advocate. For the last two meetings, they have invited leading broadcast journalists to join the meeting and to act as a representative for shareholders in holding the Board to account. They pose a mixture of live and pre-submitted questions, pushing the board to provide robust, transparent answers to ensure shareholders believe they are accountable. This role helps provide credibility to the format to ensure the board are not being perceived as ducking the questions and are instead tackling the criticism of a lack of openness straight on. A live recording was also made available on the investor website, reaching 15,000 engagements. The pre-asked question format enables questions to be grouped and counted thematically, providing intel on the issues that matter most to shareholders. The revised structure also delivered significant cost savings for M&S of around £200k a year.

M&S’ approach is working, shown by the engagement growth and cost efficiencies. While the TV studio format might not be suitable for every business, it is M&S' view that digital should be adopted across the market. The team are working to ensure shareholder needs are met and their voices are heard as they continue to push the boundaries of what a digital meeting can achieve and how it will transform over time and into future years.