Backlash from Shareholders Forces M&S Chief to Rethink Digital-Only AGM Plan
Marks & Spencer’s chairman, Archie Norman, is reconsidering the decision to discourage shareholders from attending the annual meeting in person next year after facing backlash.
In the lead-up to the meeting, the retailer informed investors that the meeting would be fully digitally enabled and advised them not to travel to the venue on the day.
This decision was part of M&S’s ongoing effort to modernize popular capitalism by embracing digital meetings.
Controversial: M&S chairman Archie Norman (pictured) said businesses have been ‘sleepwalking into a situation’ where shareholders are disconnected from their firms
Norman expressed concern that shareholders are disconnected from their firms and AGMs have become antiquated events that are not easily accessible for those outside London or with limited time.
In previous years, M&S shareholders attended meetings at Wembley Stadium and were treated to free sandwiches. However, this year the meetings were held at the company’s head office in Paddington, where shareholders were unable to interact with board members or enjoy refreshments.
Instead, they were instructed to join the meeting digitally using their phones or laptops.
During a Q&A session with shareholders, Norman acknowledged the feedback received and stated that the company is considering allowing physical attendance at future meetings.
He added, “The board will need to think about why shareholders can’t attend in person and have face-to-face interactions with the chairman. This is not an unreasonable request.”
Norman emphasized that he understands the shareholders’ perspective.
