The Wednesday before Ascension Day is something of a public holiday this year, at least for those interested in the stock market. According to their plan, on May 17, 2023, no fewer than 35 companies will hold their general meetings (AGM) at the same time. The Protection Association of Investors (SdK) observed this, as the “Süddeutsche Zeitung” reports. Among the 35 listed companies are four Dax companies, such as Deutsche Bank. A few days earlier, on May 11th, the shareholders’ meetings of five DAX companies are taking place in parallel.
In view of the concentration of AGM appointments, the question of why arises. Shareholder representatives suspect intention. “It is known from the market that some companies like to hold their meeting on the AGM day of Deutsche Bank to prevent critical shareholders from appearing,” quotes the “SZ” Marc Liebscher from the SdK. He believes that the trend towards holding general meetings digitally makes the game of hide and seek easier: “Because companies no longer have to orient themselves primarily to the available rooms, they may try to schedule their appointments in such a way that they attract as little shareholder interest as possible.”
Criticism from fund companies
Union Investment also considers the accumulation of appointments at the general meetings to be unfortunate: “It makes it difficult for us to exercise our trustee function,” said Janne Werning, an expert in corporate governance at the fund company, to the “SZ”. Attending more than one Annual General Meeting per day is not possible, even if it only takes place virtually on the Internet. The AGMs of the Dax companies in particular are actually mandatory dates for active investors.
In general, there is growing dissatisfaction with the fact that many companies wanted to make the virtual AGM the standard, with the exception of the Corona years, the newspaper continues. Houses such as Union Investment and Deka or the BVI fund association advocated face-to-face events because they see the shareholders’ right to a say as limited. (fp)
