General assemblies still cling to presence in Spain. Although 97% of domestic companies already hold their annual meetings with investors in a hybrid format (i.e., combining in-person meetings with investors) online), the truth is that only 5% of companies carry them out exclusively virtually. This percentage, similar to the United Kingdom or Portugal, contrasts radically with those of countries such as the United States, where 75% of these events take place exclusively electronically, or with those of Canada and Germany (with respective percentages of 50%).
This was explained by Beatriz Bartolomé, vice-president of the Corporate Governance-Shareholders group of Banco Santander, this Wednesday at the Madrid Stock Exchange Palace, where she participated in a round table as part of the conference The General Assemblies of the 21st Century, organized by BME (Spanish stock exchanges and markets). Visit elEconomista ESG, the green portal of elEconomista.es.
But the direction is clear: “In 10 years, we will see in Spain a transition to 100% virtual meetings; what happens in the United States always ends up happening here,” predicted Carlos Sáez Gallego, president of the Spanish Board of Directors. attorney-in-fact Georgeson.
For her part, Ana del Villar, head of shareholder relations at Iberdrola, indicated that the company chaired by Ignacio Galán would like to “move towards a virtual meeting because, although it implies more complexity, it is the formula that “really guarantees the exercise of all shareholder rights.” At Iberdrola, with its hybrid boards of directors, they reach almost 73% participation in these events. “We have “There are 600,000 investors in different countries, but even for those who live in Seville, physically going to Bilbao is complex.”he added, referring to the city that hosts Iberdrola’s board meeting each year. On the other hand, “we receive more virtual questions than in person, which are also much more focused on what really interests the shareholder”; in-person meetings sometimes serve as a forum for “commercial complaints, which are not the subject of the meeting,” he added.
