At the tail end of 2023, I began a journey that some may call audacious, others might say eccentric—but which I simply consider essential. I started buying at least one share in every UK-listed company, with the ultimate goal of owning a stake in all of them. Why? Because I want to attend as many AGMs as humanly possible in my lifetime.
Today, I hold shares in over 1,400 UK-listed companies. Some call it a shareholder odyssey. Others just call it “peak governance geekery.” I call it radical engagement.
But as Professor Janette Rutterford humorously reminded me in a recent chat, I’m not the first person—or woman—to try this. Still, my quest has its own twist: it’s not just about being present, it’s about observing, engaging, and ultimately, influencing. And that means paying close attention to how companies respond to their shareholders—especially at AGMs.
AGMs: A Window Into the Corporate Soul
The humble annual general meeting may be a statutory requirement, but don’t be fooled - these events can and should be electric. They’re opportunities, especially for retail shareholders, to exercise their rights, raise their voices, and observe the true character of a company and its board.
Some AGMs seize this opportunity in unforgettable ways. Think of the legendary Berkshire Hathaway AGM, affectionately dubbed “Woodstock for Capitalists.” With tens of thousands descending on Omaha to witness Warren Buffett in action—and maybe spot a celebrity or two—it’s a corporate meeting turned cultural event.
Or, closer to home, the early 2000s AGMs of Marks & Spencer under Sir Stuart Rose. These weren’t just meetings; they were must-attend occasions. Fans - many from the loyal, upper middle-aged M&S customer base - would flock to see him, some even cheekily checking his suit label to confirm it was from M&S (and often, it was apparently).
These iconic moments remind us that AGMs can be more than box-ticking—they can be experiences. And while not every company has a Buffett or a Rose, they all have the power to connect with shareholders when they choose to make the effort.
Which brings us back to Prudential - and the people quietly redefining retail engagement today…
Enter: The Prudential plc Powerhouse
In May 2024, Prudential held its AGM in Hong Kong. But thanks to a hybrid format, I was able to attend virtually from the UK - and submit questions. Ahead of the event, I emailed the company secretary and IR team with my customary Section 172-focused queries, asking about their engagement strategy, especially with next-gen retail shareholders.
Not only did I receive a courteous acknowledgement, but to my delight, all four of my questions were posed in full - eloquently* by Tom Clarke, the Company Secretary—and addressed point-by-point by none other than Baroness Shriti Vadera, Prudential’s formidable Chair. *It may seem like a small point, but Tom pronounced my lastname (which most people often get wrong) perfectly! Little details like that stick in people’s minds and provides a glimpse into the culture of an organisation. My read of Pru and Tom: little or large - every shareholder matters (as per the UK Companies Act if one wanted to be nerdy), and each deserves to be treated with equal respect.
Baroness Vadera’s responses weren’t just polite box-ticking. They were substantive. Candid. Poignant. And they included tangible examples of how Prudential is working to be financially inclusive of all people - across generations and geographies.
Great Boards Stand on Greater Shoulders
Now, having led over a thousand shareholder engagement and proxy campaigns myself, I know how AGMs work behind the curtain. A smooth, thoughtful AGM doesn’t just happen. It’s the result of weeks (sometimes months) of preparation, led primarily by the co sec and IR team. They anticipate questions, prepare responses, brief the Chair and Board, and handle logistics to make sure every shareholder—whether in Hong Kong or Hull—feels heard.
The standout quality of Prudential’s AGM was not an accident. It was the product of a culture of engagement cultivated by Tom Clarkson, Patrick Bowes, and the wider team. If we wanted greater proof of this culture, we could extend this to the M&G AGM, which itself was also well done, and deserve it’s own shout-out, which is to follow! M&G spun out of Prudential a few years ago if you may recall.
And they didn’t stop there.
Retail Engagement That Walks the Talk
Despite now being Asia-focused in terms of operations, Prudential hasn't forgotten its roots - or its British shareholder base, which dates back to 1848. Recognising this, they announced - at the AGM itself - that they would hold a special UK retail shareholder event. Later, they followed up with a public invitation on their website.This kind of initiative isn’t common. It’s rare. It’s inclusive. And it’s deeply appreciated.
Another highlight worth noting from the AGM itself was Prudential’s clear commitment to boosting financial literacy among younger generations. Baroness Vadera responded to my question on this topic by spotlighting the company's investment in its award-winning Cha-Ching program, which has reached 2 million students and 66,000 teachers across 16 markets. Their public pledge to continue working with shareholders to build financial awareness demonstrates that Prudential understands the wider societal value—and business necessity—of financially empowered investors. This kind of leadership on financial education is exactly what the industry needs more of.
On 27 September 2024, I joined around 50 other retail shareholders at Prudential’s London offices. What followed was nearly two hours of substantive presentations, open Q&A, and genuine dialogue with board members, including Chair Baroness Vadera, the CEO, and the CFO. It was followed by a luncheon, offering even more face time and informal connection.
I also caught up with Phil Clarke, a long-time shareholder who was there that day. We both agreed: it was a very well run and engaging useful shareholder event. No fluff. Just real access and real answers. #respect
Patrick Bowes: An IR Maestro
A word about Patrick. In 2019, while running the old shareholder engagement and governance consultancy I founded and later sold, I had the chance to work with Patrick and his team on the demerger of Prudential’s investment arm, M&G. Even back then, I considered him one of the most intelligent and genuinely shareholder-minded IR professionals I’d encountered.
His understanding of all investors, including retail shareholders - as not just numbers on a register, but as people with a stake in a company’s future - puts him miles ahead of many in his field. His strategic lucidity and empathetic approach are a masterclass in IR done right.
A TEA Cup Honour, Deservedly Poured
In deliberating on this important shout-out, the informal TEA Cup Honours Committee (populated atm mostly by company secretaries, general counsel, and governance nerds like me) agreed that ‘polish and performance’ like this especially at an AGM and other shareholder-facing events don’t just happen on their own. We agreed that Prudential’s IR and co sec team’s work, particularly in relation to their AGM and the retail shareholder event, is exemplary. For:
Showing how hybrid AGMs should be done.
For inviting retail investors to the table - literally and figuratively.
For listening, responding, and engaging.
So today, we raise our teacups to Patrick, Tom, and the entire Prudential governance crew. Behind the legacy of the ‘Man from the Pru’ lies a modern, forward-looking team that truly gets it: engagement isn’t about ticking boxes—it’s about opening doors.
You rock, Patrick, Tom and team. Thank you for everything you do to keep the spirit of shareholder democracy alive.
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