How to hold a virtual AGM
An AGM is a mandatory annual meeting held for the shareholders or members of a company or organisation. During AGMs, the shareholders or members get to vote on critical operations of the company like compensations and dividends. The directors of a company also get to give the shareholders and members a rundown of the essential company information like the performance, goals, and strategies.
What is a virtual AGM?
A virtual AGM is similar to a regular one. The only difference is that with a virtual AGM, the members do not sit at the same table. The meetings are held entirely online. Virtual AGMs create a platform where shareholders or members can partake in annual meetings without travelling to one location. Other than their location, the structure of the meetings, as well as the schedule remains the same as in-person AGMs.
Before planning and holding a virtual AGM, you need to;
Check organisational bylaws - check to ensure that the bylaws of your company allow you to host a virtual AGM or meeting. The Companies (Miscellaneous Provisions) (COVID-19) Act 2020, came into force from 21 August, allowing entities to continue to operate in compliance with relevant existing legal requirements by temporarily permitting them to conduct annual general meetings (“AGMs”) and extraordinary general meetings (“EGMs”) wholly or partly by electronic means, provided all attendees have a reasonable opportunity to participate.
Communicate - make sure all potential attendees and essential members of the organisation are aware of the likelihood of the meeting beforehand. Make sure the agenda of the meeting is posted earlier on so that all members can come prepared.
Assign roles - it would also help if you assign important roles while preparing for the meeting. 4 key positions need to be assigned to members. They include; an organiser, producer, presenters, and regular attendees. Please make sure the people given these roles understand what is required of them, and they are capable.
Come up with a privacy policy - if you are planning on recording a meeting, it is always essential that you notify the members beforehand. Make sure the privacy policy is deployed to all the members expected to attend the meeting.
Configure the meeting - you may want to mote all participants upon entry to keep them from interrupting the meeting. However, make sure you allow the attendees the freedom to unmute themselves when they want to share their opinions. All attendees may also need to turn off incoming videos to reduce interruptions.
Below are some tips for running a virtual AGM smoothly;
Provide adequate notice of the meeting to all members. In the information, please make sure all members receive instructions on participating in the electronic meetings, including the tools and apps they need.
Decide on an appropriate technology platform. There is a wide range of applications that support virtual meetings. An example is Microsoft Teams. When choosing the best technology platform, make sure it can support the number of attendees you wish to host and their locations.
Provide readily available technical support. Technical support is significant because some members may have questions and issues about the process. Some problems may also arise during the meeting. A technical support team will help eliminate this issue.
Eliminate all audible or visual distractions. The last thing you want is to have things or sound in the background that could distract the members during the meeting.
It would also help if you recorded all meetings held virtually. The recordings may come in handy at different times. However, make sure all attendees are notified of the fact that the meetings will be recorded.
Conduct a few rehearsal sessions to ensure that the meeting runs smoothly. During the rehearsals, you will be able to catch potential issues and plan how to resolve them. Trials are especially important if the meeting involves using actual presentation materials that require to be tested beforehand.
Virtual AGM benefits
Below are some key advantages of virtual AGM;
Accessibility - Virtual AGMs are highly accessible because they allow attendees to join the meeting from usually any device. The attendees can also join from anywhere. The meetings are also more effective because all the shareholders get to attend and make decisions together.
Increased attendance - virtual AGMs create a platform where all shareholders and members can attend meetings regardless of where they are. Since they do not have to travel or cancel other plans. By doing so, the number of attendees increases significantly.
Cost efficiency - compared to in-person meetings, virtual meetings are more cost-efficient. The reason is that there are no travel costs, accommodation, and revenue. Most of the time, the company has to cater to these costs annually. With virtual AGMs, all these costs are eliminated.
Improved engagement - virtual meetings boost member engagements than regular meetings. When most or all members attend the meetings, they can engage in Q&As and cover topics better than when some members do not attend.
Better record-keeping - virtual meetings help to enhance better record keeping because the sessions are trackable. All the issues discussed within the forum, like polls, views, and opinions, are also recorded during the meetings. Virtual AGMs allows for instant recording of all essential data in real-time.
Compatibility with mobile devices - virtual AGM platforms are compatible with a wide range of mobile devices. Whether it is a laptop, tablet, or smartphone, members can meet using all kinds of devices.
Paperless environment - virtual AGMs and record keeping helps to eliminate the need for paperwork in the workplace.
Inclusivity - online meetings allow all attendees the freedom to participate without any restrictions. Even those shareholders who cannot afford to travel or pay for accommodation and those stuck in hospitals or attending important events can take part in the meetings.
Voting at a Virtual AGM
One of the main benefits of virtual AGMs is that members or attendees can air their views and vote during the meetings without gathering in a single physical location. Virtual AGMs also make it possible for members to vote instantly. This means that the company directors do not have to wait for some members to avail themselves at a later time. The virtual AGM platforms help make voting possible by providing web applications for voting. These web applications help to promote privacy while voting. Contact IT Force to learn more info about how we can help with your voting.
Virtual vs. Hybrid AGM
Hybrid AGM is a crossover between physical and virtual AGMs. Hybrid AGMs allow shareholders, members, and other AGM attendees to decide whether to attend a meeting at a physical location or through online platforms. This eliminate the need for all members or attendees to gather in one place for meetings.
A Hybrid meeting allows the attendees to decide whether they’d prefer to attend the meeting in person or online, this could be from the comfort of their home, office or mobile device.
This type of meeting fosters better engagement by connecting members who would otherwise have missed the meetings. Technology helps to eliminate the barriers of attendance and participation.
Both hybrid and virtual AGMs are beneficial and efficient. Therefore, whichever choice a company makes should be based on technology, the users, and their needs.
Technology
Technology is an integral part of hosting virtual AGMs. The technology used while hosting these virtual meetings significantly affects whether or not the meeting will run smoothly. It is, therefore, vital that you choose the best platform to host the event. When selecting the best technology, consider the following elements;
Privacy - during Annual General Meetings, a lot of confidential information is shared. The last thing you want is to have a significant data leak. Therefore, you need to make sure that the technology you use is highly secure.
Compatibility - the technology you choose to use also needs to be compatible with a wide range of mobile devices. You want to make sure that compatibility limitations are not a barrier to attendance and engagement. As many people are still working from home, access to a traditional desktop may not be possible for some attendees who will rely on cellular phones or tablet computers. This must be considered when deciding upon a platform and thoroughly tested.
Ease of setting up - the technology also needs to be easy to use. Make sure the attendees can access and set up the required software and technology efficiently. Very complex applications can discourage members from attending or participating in the meetings.
You also need to select a professional virtual AGM service provider. The provider needs to suit your needs and requirements. The provider will help you to get the best out of the service. The service provider will also help you select the best platforms to host your virtual event.
Find out how IT Force can help you with your upcoming AGM