A new campaign is calling on Germany’s largest listed companies to stop holding virtual-only AGMs

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AGMs campaign in Germany
The Swiss SfC member Ethos Foundation, together with DSW, the European association of private investors Better Finance, and the SfC network, has launched a new engagement campaign calling on Germany’s largest listed companies to stop holding virtual-only general meetings and to instead opt for a hybrid model. Together, the promoters represent more than €350 billion in assets under management. 

At the end of October, letters were sent to the ten largest DAX – the index of the forty largest capitalisations on the Frankfurt stock exchange – companies that have held virtual-only AGMs since COVID-19 and whose authorisation to continue doing so is up for renewal in 2026. The companies in question are Allianz, Beiersdorf, BMW, Deutsche Bank, Deutsche Börse, E.On, Infineon Technologies, Mercedes-Benz Group, Merck and Siemens.

Specifically, the letter urges the chairperson of the boards of directors and supervisory boards to reconvene their shareholders in person for the 2025 AGM, failing which the signatories might vote against the statutory approval that will be required to continue with a virtual-only format. The aim of the campaign is therefore to initiate a constructive dialogue with the target companies on the choice of format for their future AGMs. 

“The AGM is an essential part of shareholder democracy”, explains Vincent Kaufmann, CEO of the Ethos Foundation. “It is often the only time of the year when shareholders can not only meet the management of the company of which they are co-owners, but also ask questions, submit ideas and proposals, and speak openly in front of the other shareholders”.

As Shareholders for Change, we are proud to support this initiative. It follows on from our commitment to upholding and enforcing shareholders’ rights, as demonstrated by our statement on virtual-only AGMs published last February, and our position on the current development of European shareholder law on multiple voting rights.

Find out more: Engagement: a new campaign targets virtual AGMs in Germany.

 

Photo: Nathan Dumlao, Unsplash