Reclaiming the AGM: Why Shareholder Democracy Is at a Tipping Point
From the city to the screen: Are we losing the AGM? A cross-generational wake-Up call on the future of investor voice in the UK
On 1st May, we hosted a roundtable at TEA’s offices at 1 Poultry — by Bank Station, with a front-row view of the Royal Exchange, Mansion House and The Ned. We brought together a wide-ranging group of investors, journalists, legal experts, and Gen Z voices to discuss the future of AGMs and retail investing in the UK.
What unfolded wasn’t your typical corporate chinwag. It turned into something bigger: a full-throttle wake-up call about the slow, silent dismantling of shareholder democracy.
Co-chaired with Danny Wallace and Mail on Sunday’s Patrick Tooher, the discussion revealed a troubling pattern: more and more UK companies are quietly adopting virtual-only AGMs. They’re often packaged as modern or efficient — but make no mistake, this trend threatens to shrink access, reduce transparency, and weaken accountability. And it’s all happening with little fanfare or resistance.
🎭 The Great Virtual Drift
We kicked off by revisiting the Marks & Spencer AGM saga. After initially scrapping the physical meeting, M&S faced coordinated pressure from shareholders and the media — including our campaign at TEA and Patrick’s coverage in the Mail on Sunday. To their credit, M&S listened. They reinstated a hybrid format. A small but powerful win.
But M&S is the exception, not the rule.
Since then, AstraZeneca, HSBC and Nationwide have followed the virtual-only path. Their justifications? Cost, efficiency, or the risk of protest. But as one participant put it:
‘Once a year, asking a board to show up and face its owners isn’t unreasonable. And yet, it’s being treated like an inconvenience.’
🚨 Shareholder Governance in Crisis
Losing physical AGMs isn’t just a symbolic loss — it severs the last tangible link between shareholders and boards. In an age of algorithmic decision-making and filtered comms, the AGM is still a space where human questions meet human answers.
It’s where retired actuaries with printed accounts and yellow sticky notes can ask questions that knock the stuffing out of a chair. It’s where informal coffees and chance meetings reveal more than most analysts ever could.
Legal expert Jonathan flagged a glaring problem: the Companies Act is ambiguous. It doesn’t ban virtual-only AGMs, which lets companies slide into grey areas. Some declare a London location but block physical access. Others offer ‘hybrid’ meetings in name only — scripted, screened, and tightly moderated.
Patrick said it best:
‘What we’re witnessing is a slow checking out from accountability — a corporate disappearing act.’
🌀 Gen Z: Not What You Think
Despite all this, I left the room feeling hopeful — and that’s thanks to Gen Z.
The surprise of the night? Rolls-Royce is the most-followed UK stock on Trading 212, with over 205,000 followers. That’s more than eight times M&S — and Rolls-Royce’s own board didn’t even know.
This generation is platform-native, fast-moving, and social-first. They’re impatient, yes — but also curious, values-led, and not afraid to learn the hard way. As Peter Higgins (aka Conkers3) noted, ‘For some, the average holding period is down to three weeks.’ But that’s the reality we must work with — not wish away.
The message from the group was clear: if we want to engage the next generation, don’t expect them to adapt to a crumbling system. Meet them where they are. That means AGM content needs to be short-form, discoverable, and engaging. Think event, not obligation.
🌍 A Culture Gap We Can’t Ignore
The UK’s investment culture is floundering — and the stats don’t lie.
In Sweden, 70% of adults invest. In the UK, it’s under 25%. Sweden’s equivalent of ShareSoc has 450,000 members. We have fewer than 2,000. And our media still talks about ‘dabbling’ in shares — as if investing were a vice, not a right.
Meanwhile, in the US, retail investors are piling into private equity trusts and thematic funds — paying premiums for access to innovation. In the UK, the same vehicles trade at a discount. It’s a cultural block — one that discourages aspiration.
As one investor put it:
‘In the UK, when someone pulls up in a nice car, we ask, ‘What did they do to deserve that?’ In the US, they ask, ‘How can I do the same?’’
🎤 Protest or Pantomime?
There’s another tension: AGM protests. I’ve long believed civil dissent has a place in our democratic spaces — including AGMs. But when meetings turn into spectacles, they risk undermining the very platform they aim to challenge.
I shared my experience at the 2024 Standard Chartered AGM, where I waited nearly two hours to speak. I was never called. The session was hijacked by protest songs, banners, and confusion. And this isn’t isolated — it’s becoming more common.
As Catherine Howarth from ShareAction rightly warned:
‘Companies are using this chaos as justification to shut the doors altogether.’
If we want to save the AGM, we must defend it as a space for all voices — activist, investor, curious newcomer alike.
📉 From 8 Years to 3 Weeks: How Holding Periods Have Collapsed
During the roundtable, investor and commentator Peter Higgins (Conkers3) highlighted one of the most telling indicators of how dramatically investing behaviour has changed over the past 60 years: the average length of time investors hold a stock.
In the 1960s, investors typically held shares for an average of 8 years. This was an era defined by long-term ownership, dividend compounding, and what many now refer to as ‘buy and hold’ investing — not as a trend, but as the norm.
Fast forward to the 2020s, and that average holding period has collapsed to around 6 months — and it continues to shrink. This seismic drop reflects a broader shift in market behaviour, driven by the rise of mobile trading platforms, 24/7 market news, and a culture of immediacy.
Among Gen Z investors, the trend is even more pronounced. As Pete pointed out, many younger retail investors now hold shares for as little as 3 weeks — sometimes even days. Influenced by TikTok explainers, Reddit threads, and fast-moving ‘stock of the day’ narratives, their behaviour resembles that of momentum traders more than traditional shareholders.
Pete’s point wasn’t to criticise — it was to spotlight a reality: this generation isn’t less engaged, just differently engaged. And that difference has huge implications for how companies should communicate, educate, and build loyalty among their newer shareholders.
‘Some of these Gen Z investors are in and out in three weeks,’ Pete said. ‘But they’re active. They’re interested. You just need to reach them on their terms.’
This stat underscores the urgency of rethinking how we approach AGM engagement, investor relations, and retail inclusion — not just for today, but for the investing culture we want to build tomorrow.
🛠️ What’s Next? The Regeneration Agenda
Despite the challenges, the energy in the room wasn’t defeatist — it was determined. Here’s what we left with:
Push for legislation or a test case to mandate hybrid AGMs.
Reimagine AGM formats — think immersive, accessible, and yes, a little bit fun.
Work with influencers, not against them, to demystify the shareholder experience.
And finally, rebuild trust in UK markets through education, exposure and example-setting.
Some even proposed turning AGMs into ‘festivals’ — with product showcases, interactive booths, and Q&A zones. Why not? If it draws in more shareholders, sparks dialogue, and holds boards accountable, it’s worth doing.
🫖 One Last Sip
2026 is looming. That’s when many companies will review their articles and potentially formalise virtual-only meetings. If we wait until then to act, it’ll be too late.
So let’s act now — as shareholders, storytellers, and stewards.
Let’s reclaim the AGM.