The AGM votes that changed companies

Canvassing shareholder votes at AGMs has long been one of the most important parts of the meeting. But with meetings now increasingly running in hybrid or virtual formats, having the right voting technology in place has never been more important to ensure votes are canvassed accurately and securely.

This is especially important when you consider how AGM votes have been instrumental in changing the direction of the world’s biggest companies.

For example, in 2021 Tesco committed to boosting sales of healthy foods at 4,000 of its stores across the UK after a shareholder resolution. Seven high powered investors, who held roughly £140 billion in assets, filed what was the first ever widely publicised nutrition-based shareholder resolution, calling for Tesco to end its dependence on unhealthy food for sales growth. As a result, Tesco pledged to increase its sales of healthy foods from 58% to 65%.

A further example was seen at BP’s 2019 AGM, where the company pledged to redirect its corporate strategy on combatting climate change and offsetting its carbon footprint. Over 99% of BP shareholders voted in favour of the pro-climate resolution, giving BP a clear indication of its shareholders’ sentiment in this area.

With AGMs increasingly taking place in virtual or hybrid formats, managing the business-critical function of virtual AGMs and voting requires the right technology.

Investing in voting technology means that your results are more accurate, as well as being much easier to track and analyse. When a meeting is hybrid, this also means that virtual and in-person attendees’ votes are counted in the same way, avoiding confusion when analysing the results. Additionally, Lumi’s patented technology means that votes are counted in a way that reflects the share value weightings of your individual investors.

With Lumi’s secure authentication protocols, it also means that only shareholders legally able to vote are allowed to have their say, and being able to instantly count and share the results ensures transparency.

Find out more about how Lumi can help your meeting votes matter here.