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Marks & Spencer is facing backlash after making its annual general meeting an entirely digital event.<\/p>\n
The high street staple will be holding this year\u2019s AGM on Tuesday and has warned shareholders not to travel to the event, according to the Times.<\/p>\n
It has billed the meeting as \u201cfully digitally enabled\u201d and told investors that \u201cboard members will not be available for interaction with shareholders in person\u201d.<\/p>\n
Subscribe to Retail Gazette for free<\/strong><\/h5>\nSign up\u00a0here\u00a0to g<\/span>et the latest news straight into your inbox each morning<\/span>\u00a0<\/span><\/strong><\/p>\nThe retailer says holding the event online makes it easier for people to participate but usurpingly the move has has attracted criticism for effectively blocking investors from meeting directors face to face at the meeting.<\/p>\n
The Times reports that champion of private investors, Lord Lee of Trafford called the arrangements \u201cappalling and outrageous\u201d.<\/span><\/p>\nHe told the title: \u201cAt the end of the day the shareholders own the company \u2014 the directors, people like Archie Norman, are mere stewards for a limited period,\u201d he said. \u201cFor them to shut out the owners is the height of arrogance.\u201d<\/p>\n
M&S annual meetings have previously been eagerly awaited by attendees with sandwiches and special guests such as Twiggy, who had a clothing line with the retailer, making appearances.<\/p>\n
Its last face-to-face annual meeting was back in 2019 thanks to Covid-19.<\/p>\n
M&S says a digital-only format has improved participation, with 593 people attending its last in-person meeting four years ago compared with 1,687 online last year.<\/p>\n
The retailer says holding the event online makes it easier for people to participate but usurpingly the move has has attracted criticism for effectively blocking investors from meeting directors face to face at the meeting.<\/p>\n
The Times reports that champion of private investors, Lord Lee of Trafford called the arrangements \u201cappalling and outrageous\u201d.<\/span><\/p>\n He told the title: \u201cAt the end of the day the shareholders own the company \u2014 the directors, people like Archie Norman, are mere stewards for a limited period,\u201d he said. \u201cFor them to shut out the owners is the height of arrogance.\u201d<\/p>\n M&S annual meetings have previously been eagerly awaited by attendees with sandwiches and special guests such as Twiggy, who had a clothing line with the retailer, making appearances.<\/p>\n Its last face-to-face annual meeting was back in 2019 thanks to Covid-19.<\/p>\n M&S says a digital-only format has improved participation, with 593 people attending its last in-person meeting four years ago compared with 1,687 online last year.<\/p>\n