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Forum Report: Electronic Participation in Shareholder Meetings


Surveys of Practices for Conduct of Shareholder Meetings

Results of two similar surveys of corporate practices for the conduct of shareholder meetings have been reported this week, one by the National Investor Relations Institute (“NIRI”) of its member investor relations officers and the other by of its subscribing corporate secretaries and legal officers:

·  July 16, 2010, National Investor Relations Institute (“NIRI”): “Results from AGM Survey Conducted at 2010 Annual Conference” (6 pages, 63 KB, in PDF format)

·  July 20, 2010, “Survey Results: Annual Meeting Conduct” (1 page, 24 KB, in PDF format)

Although both surveys involved only informal samplings of a limited number of respondents, the combined results were consistent in showing that approximately a third of the companies represented were using webcasts in one way or another – audio-only or video, with or without archiving – for their shareholder meetings:






Total Responses




Number using webcasts




Percent using webcast




It was notable that the number of NIRI respondents using press releases to announce meeting results, 18, or about 33%, was roughly the same as the number using webcasts. The report did not indicate, though, whether these communication processes were used together by one company or as alternatives by different companies.

The survey conducted by, which is offering its subscribers a program of “practice pointers” for conducting “virtual” shareholder meetings on September 14, also included useful questions about issues that had been addressed in Forum discussions about allowing attendance by non-shareholders (23 of 68 respondents, about 34%, allow attendance without verifying ownership), and about time limits imposed on shareholders (39 of 67 respondents, about 58%, limit time to 3 minutes or less, while 25, about 37%, did not impose any stated limit).

Please let me know if you have any questions or comments about these reports, either for Forum participants or for the organizations that conducted the surveys.

GL – July 20, 2010


Gary Lutin

Chairman, The Shareholder Forum

c/o Lutin & Company

575 Madison Avenue, 10th Floor

New York, New York 10022

Tel: 212-605-0335





This Forum program is open, free of charge, to anyone concerned with investor interests in the development of standards for conducting shareholder meetings with electronic participation. As stated in the posted Conditions of Participation, the Forum's purpose is to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant is expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

The organization of this Forum program was encouraged by Walden Asset Management, and is proceeding with the invited leadership support of Broadridge Financial Solutions, Inc. and Intel Corporation to address issues relevant to broad public interests in marketplace practices, rather than investor decisions relating to only a single company. The Forum may therefore invite program support of several companies that can provide both expertise and examples of leadership relating to the issues being addressed.

Inquiries about this Forum program and requests to be included in its distribution list may be addressed to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.