Last month, we talked about the history of the hybrid meeting and the impact it has had on the world of stakeholder engagement today. This month, we are looking forward and examining the future of stakeholder engagement.
While the stakeholder engagement space is typically slow to make changes, with laws still stipulating a company must have ‘two or more’ shareholders present and declare a ‘place’, there has been a huge shift in the pace of change since the advent of hybrid meetings. Below are just a few trends we are seeing that we expect to become more prevalent as companies continue to find new ways to engage with shareholders.
Going virtual
More and more companies are choosing to host their AGMs in a virtual-only format, rather than hybrid or in-person. The reason for this is simple: it's good governance, as it encourages a wider pool of shareholders to attend.
As more companies commit to going virtual, they are exploring innovative ways to encourage participation at these events. For example, it's becoming more common for companies to adopt a more TV-style approach to their virtual AGMs, such as M&S, incorporating celebrity spokespeople and other engaging elements to enhance the viewing experience for shareholders. By using celebrities, companies can generate more interest in their meetings and attract a broader audience.
Additionally, companies may use high-quality production techniques to make their virtual AGMs more visually appealing, with elements such as animations, graphics, and professional lighting.
These TV-style AGMs offer a more polished and professional experience that can enhance the perception of the company and its brand. However, it's important to note that while celebrity spokespeople and other engaging elements can be beneficial, the focus of any AGM should remain on the company's performance and the opportunity for shareholders to ask questions and provide feedback.
Elevating the online experience
As well as TV-style virtual worlds, we are seeing more businesses commit to experiences that create parity between in-room and online attendees.
To support this, Lumi recently launched Lumi Experience, three brand new meeting venues located in three of Canada's most iconic cities: Toronto, Montreal, and Calgary. Each meeting venue provides dedicated conference areas with state-of-the-art AV and broadcast technology and private meeting rooms with a green room, press room, and communal break-out spaces that ensure a quality meeting experience for every shareholder, no matter where they join from.
The rise of all-in-one experiences
As well as enhancing the virtual experience, we are witnessing the emergence of an increasing number of purpose-built meeting spaces. These spaces are constructed to revolutionise the stakeholder engagement experience, offering premium meeting rooms, state-of-the-art technology, and enhanced in-person options, such as green rooms and press rooms. They provide everything a business might need to ensure successful stakeholder engagement, whether it occurs in person or online.
Lumi Experience is now accepting bookings; to find out more, visit Lumi's website here.
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