Preparing for the 2023 AGM season
The trends that arose in the 2022 AGM season look set to continue in the 2023 AGM season, including:
- A focus on environmental, social and governance (ESG) issues, with climate change risk, sustainability and cybersecurity emerging as the most frequently raised ESG issues. In particular, the Say On Climate initiative gained further momentum and several companies sought shareholder approval of their climate change action plans at their 2022 AGMs.
- A decrease in strikes or near strikes on remuneration reports by shareholders. 2022 saw a slight increase in shareholder support for remuneration reports, fewer strikes and a significantly lower average vote against remuneration reports.
- Resistance to proposed amendments to the company's constitution to permit entirely virtual meetings. However, several companies did not propose resolutions to make these constitutional amendments in 2022 and most of those resolutions passed.
This article sets out some key steps that a listed company can take to prepare for its AGM, with links to relevant Practical Law resources.
For a guide to Practical Law's resources relating to general meetings and members' resolutions, see Toolkit, General meetings and members' resolutions.
Practical Law Australia’s expert legal writers have practical expertise gained from some of the country's leading law firms and corporate legal departments, including Ashurst, Baker & McKenzie, Gilbert + Tobin, Herbert Smith Freehills, the Australian Broadcasting Corporation (ABC) and more. They understand the pressure to deliver timely and cost effective legal advice, which is why Practical Law’s fully maintained practice notes, precedents, drafting notes and checklists offer clear and concise know-how with a practical perspective.
For more information on Practical Law Australia’s legal writing team, visit legal.thomsonreuters.com.au/practical-law-team