"My Lords, the Government announced on 20 January that fully virtual annual general meetings would be included in the upcoming consultation on modernising corporate reporting. Officials are engaging with investors and businesses on the practicalities of this. We will ensure that fully virtual meetings take place only where shareholders agree …..." Baroness Lloyd of Effra - View Speech
"The Government are not mandating virtual AGMs and there will be nothing to stop companies holding hybrid AGMs. As the people best placed to make decisions about their businesses, we are giving companies and shareholders the legal certainty to undertake fully virtual AGMs if it is right for them. Many …..." Baroness Lloyd of Effra - View Speech
"We are putting this forward in the modernising corporate reporting consultation to clarify the legal situation for fully virtual AGMs, as I mentioned, to bring the certainty into line with other international jurisdictions. We are engaging with investors on what those shareholder rights and safeguards might look like, so that …..." Baroness Lloyd of Effra - View Speech
"The noble Lord sets out the rationale for why this will form part of the modernising corporate governance consultation. It will be in the hands of the shareholders and the businesses to decide. In fact, 85% of OECD Factbook countries, including the US, Germany and Japan, already allow virtual AGMs. …..." Baroness Lloyd of Effra - View Speech
"What we are doing through the consultation on modernising corporate reporting is delivering on our commitment to provide legal clarity on the grey area of whether companies can hold fully virtual AGMs. It would be up to shareholders and businesses to decide whether to take that forward. The proposals that …..." Baroness Lloyd of Effra - View Speech
"If my noble friend is referring to Section 172 of the Companies Act, which already requires directors to have regard in their decision-making to employee interests and
“the impact of the company’s operations on the community and the environment”,
"All noble Lords and the noble Baroness have raised the importance of AGMs. They are incredibly important. They are important for engaging shareholders, large and small, but particularly, as has been mentioned, those who perhaps do not have an institutional voice. We are engaging with investors and the shareholder representative …..." Baroness Lloyd of Effra - View Speech
"As the noble Lord mentioned, getting the right regulation and reducing the administrative costs is a priority for the Government and in many areas we have already taken action to do that; for example, we no longer require certain companies to produce a strategic report. We will continue to work …..." Baroness Lloyd of Effra - View Speech
"As I mentioned earlier, we are not mandating virtual AGMs and there will be nothing to stop companies continuing to hold hybrid AGMs. Through this consultation we are clarifying the legal grey area and providing certainty about the legitimacy of hybrid AGMs where certain shareholder safeguards are in place...." Baroness Lloyd of Effra - View Speech
"I thank noble Lords for their rich contributions. They have raised many matters that are covered in the steel strategy and are of vital importance to the future of steel-making and its centrality to the UK’s economic success.