Virtual annual general meetings are spreading fast in the age of social distancing
miss seeing our shareholders,” lamented Warren Buffett ahead of Berkshire Hathaway’s annual general meeting on May 2nd. Thousands of his devoted shareholders would normally have flocked to Nebraska for the jamboree. Not this year. Because of covid-19 the conglomerate has moved the gathering online. The 2020 edition of “Woodstock for capitalists”, as Mr Buffett calls it, may turn out to be a “wooden experience”, says Charles Elson of the University of Delaware.
Most observers support online meetings during the pandemic as a stopgap, so long as they meet high standards of transparency.urges firms to ensure that shareholders can still “ask questions of directors and senior management and to engage in dialogue”.s should be held in person as soon as it is safe to do so. Otherwise, warns Mike Mayo, an analyst at Wells Fargo, post-crisis annual meetings risk becoming “emotionless, toneless, check-the-box exercises”.
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