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American Focus > Blog > Economy > HSBC explored axing in-person AGM amid frustration with cost and protests
Economy

HSBC explored axing in-person AGM amid frustration with cost and protests

Last updated: April 24, 2025 10:35 pm
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HSBC explored axing in-person AGM amid frustration with cost and protests
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HSBC Considers Moving AGM Online to Cut Costs and Avoid Disruptions

HSBC has discussed the possibility of moving its annual general meeting (AGM) entirely online in response to mounting frustrations with disruptions from climate protesters and the costs associated with in-person gatherings. The London-based bank is exploring the option of asking shareholders to participate exclusively through virtual means, as it shifts towards a “digital-first” approach to investor meetings.

The bank is scheduled to host its upcoming annual meeting of shareholders at the InterContinental London Hotel, supplemented by the online Lumi platform. Moving to a virtual-only format would allow HSBC to reduce expenses such as venue rental, catering, and security personnel, while also minimizing disruptions from protesters.

According to sources familiar with the matter, HSBC may be considering making this year the last with an in-person option for its AGM, citing the ongoing challenges posed by protests. However, the bank has stated that its board has not yet considered any proposal to transition to a virtual AGM and that this year’s meeting will remain a hybrid event, offering shareholders the choice to attend in person.

Historically, shareholder meetings have been significant events for companies, providing individual shareholders with the opportunity to engage with senior management and hold them accountable. However, companies have increasingly sought to streamline these meetings and often request that questions be submitted in advance.

In recent years, HSBC has faced disruptions at its AGMs, primarily from environmental activists affiliated with Extinction Rebellion. Protesters have interrupted speeches and staged demonstrations at the bank’s annual meetings, prompting discussions about the feasibility of moving to a remote attendance format.

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HSBC’s cost-cutting efforts under the leadership of Georges Elhedery have included merging business units and scaling back operations in certain markets. A shift to virtual AGMs would align HSBC with its Spanish counterpart Santander, which recently held its first fully remote AGM.

While many UK companies have adopted a hybrid approach to AGMs in response to the COVID-19 pandemic, fully remote gatherings have been less common due to concerns about compliance with company law. However, legal experts suggest that the risk of legal challenges to virtual AGMs is low, especially if more companies adopt this format.

In conclusion, as companies like HSBC explore the possibility of transitioning to virtual AGMs, the landscape of shareholder meetings is evolving to accommodate digital-first approaches and streamline operations. With the potential benefits of cost savings and reduced disruptions, virtual AGMs may become more prevalent in the corporate world.

Recommended

AstraZeneca and Haleon are among the companies that have embraced digitally enabled AGMs, signaling a broader trend towards remote participation in shareholder meetings. As the business world adapts to changing norms and technological advancements, the way companies engage with their shareholders is also evolving.

Additional reporting by Hannah Kuchler

TAGGED:AGMAxingCostexploredfrustrationHSBCInPersonprotests
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