Practical Law has published a report on the key trends from the 2022 reporting and AGM season. The report considers, among other things, the format of AGMs over the past year, workforce engagement methods, diversity on boards and shareholder and board-proposed climate resolutions. It also contains a section on trends within the AIM UK 50, as well as contributions by Marks and Spencer Group PLC on the benefits of a fully digitally-enabled AGM and the FRC on its review of corporate governance reporting.
The report is based on a review of the notices of AGM and annual reports of 268 FTSE 350 premium listed commercial companies and 51 AIM companies, summaries of which can be accessed from What’s Market: AGMs: FTSE 350: 2022 and What’s Market: AGMs: AIM 50: 2022.
Key highlights from the report include:
- Nearly 75% of companies held a physical meeting this year. Only five companies conducted fully virtual AGMs.
- As at 14 October 2022, 84 FTSE 100 companies had achieved at least 33% female representation on their boards and, of these, 57 companies had 40% or more female representation at board level.
- 176 companies (80 FTSE 100 and 96 FTSE 250) disclosed in their annual report that their board comprises at least one director from a non-white ethnically diverse background.
- 17 FTSE 350 companies tabled climate-related resolutions at their 2022 AGM. Of the 20 resolutions tabled, 17 were board-proposed and three were requisitioned by shareholders.
- The boards of the AIM UK 50 companies comprise 20% women.
Source: Annual reporting and AGMs 2022: What’s Market practice?
