A virtual Annual General Meeting (AGM) is still not yet the norm in most places, so it is understandable if your organization is concerned about how an online format could your shareholders’ meeting experience. The truth is, with the right AGM platform, the differences between a virtual AGM and a traditional AGM are minimal. In fact, the virtual format combined with the best meeting platform will elevate the efficiency and engagement of your AGM.
In this article, we set out to debunk some common misconceptions people hold about virtual AGMs and prove that company members can enjoy a virtual meeting experience on par with or even better than what they are used to – thanks to AGM@Convene.
Myth 1: Virtual AGMs aren’t secure
There is the assumption that anything done online means it is more susceptible to interference. But you don’t need to worry about security with AGM@Convene – we pride ourselves on possessing the highest caliber of cloud infrastructure and network security that promptly detects and prevents intrusion. In addition, a unique security code and SMS 2-Factor authentication for every member doubly safeguard access to the meeting platform. And within the meeting itself, administrators can assign users different permissions and levels of accessibility.
Myth 2: A virtual AGM can’t do as good of a job at facilitating participation and engagement
The truth is, our web-based format actually encourages more participation from attendees. The virtual format makes the AGMs much more accessible and time and cost saving. Attendees no longer have to travel to a physical location and can securely access the AGM via an audio-visual webcast. Essentially, our web-based solution facilitates greater inclusiveness! Moreover, our managed Q&A platform allows members to submit questions and management to respond both before and during the meeting. Meanwhile, our real-time weighted voting system enables members to vote on resolutions and view poll results instantly.
For more, read our best practices for chairing an AGM.
Myth 3: Virtual AGMs don’t offer the same level of accountability
Fret not! AGM@Convene maintains transparency throughout the meeting process with real-time display of resolution voting results and a full audit trail. After the meeting, the system can then easily turn the data from both into detailed summary reports for the scrutineer. The robust and moderated Q&A platform also updates all company members on the relevant queries and objections they have raised.
Myth 4: A virtual AGM is too technically complicated
AGM@Convene’s design allows members to easily accomplish the same tasks as in a traditional AGM. From designating proxies, asking questions, voting on resolutions, to viewing poll results–our platform has got you covered. In fact, the digital format has streamlined AGM processes much more. In addition, our fuss-free user interface means all parties can navigate the platform with ease. And if technical complications still worry you, we provide 24/7 global support. This includes live support during the meeting as well as pre-meeting trial runs for key personnel.
Bonus: your company will favorably impress your shareholders and “digital native” investors when you digitize your AGM and demonstrate your tech-savvy!
Myth 5: Virtual AGMs are more expensive
Typically, the costs of a traditional AGM include venue rental, food catering, travelling and event organisation fees. Now consider that the online AGM format actually saves you from all of those expenses. At the same time, you avoid any logistical issues and hidden costs arising from unexpectedly large turnouts. Furthermore, we are happy to offer AGM@Convene in several packages to fit well within customers’ budgets.
Hopefully, this article has addressed any major concerns you might have had previously regarding virtual AGMs. If you have any other questions about how AGM@Convene works, feel free to reach out to us to learn more about our product or to schedule a product demo.
For more on virtual AGMs, read our Guide to Virtual AGMs.