AstraZeneca accused of dodging its investors ahead of AGM
AstraZeneca is urging shareholders not to attend its annual meeting in person this week in a blow to campaigners who say the move allows directors to ‘dodge difficult questions’.
The drugs giant is one of just a few big firms to have made the set-piece event online-only despite ongoing legal queries about their validity – something Ministers want to clarify, as laws date from two decades ago. Most firms encourage share owners to turn up in person or log on if they cannot.
But AstraZeneca has made it clear it wants them to stay away from the Oval cricket ground in London where the meeting will be hosted.
‘Board members and management will take part in the AGM electronically from a variety of locations, and will not be available to meet shareholders in person,’ the notice of the meeting reads. Shareholders who still wish to attend in person will be invited to connect online.’
Watching brief: AstraZeneca is one of just a few big firms to have made their annual meeting online-only
It comes as Ministers press on with plans to allow digital-only annual general meetings, which critics say will weaken shareholder democracy and mean bosses face less scrutiny or challenge.
Virtual AGMs lead to ‘poorer decision making and increased risk,’ said Luke Hildyard at campaign group ShareAction.
An AstraZeneca spokesperson said: ‘We have shareholders based around the world including from all corners of the UK and we are committed to enabling their full participation at the AGM from voting to asking our Directors questions.
‘Shareholders are welcome to come in-person to the Oval Cricket Ground in London which is where AstraZeneca will host its AGM and via the online platform. Board members and management will take part in the AGM electronically from a variety of locations.
‘We have digitally-enabled our AGM, as we have in previous years, and we strongly encourage participation via the online platform.’
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