German-based FUCHS, a maker of industrial lubricant products like slideway oil and grease, has decided to host this year’s Annual General Meeting (AGM) online. The AGM was due to be held in March, but the company originally postponed it until June for the safety of attendees.
With it becoming doubtful that restrictions on such large gatherings will be lifted by June, the company made the decision to host a virtual event on May 5 instead. This will allow the company to take care of matters on the AGM agenda, such as decide the distribution of profits, agree the dividend payment, and elect members to the Supervisory Board. A virtual AGM was made possible by the German government’s introduction of a new law at the end of March that gave legal standing to such meetings being held in a purely electronic format.
In a press release, the company explained the process:
“After registering in due time, shareholders can follow the entire Annual General Meeting online and exercise their voting rights in advance by electronic postal vote or by granting power of attorney and instructions to the company’s proxies. Both options are also possible online until the voting starts.”
FUCHS also said that participants can table any questions for the executive board electronically up to 48 hours before the event. The company also thanked the German government for swiftly introducing legislation to make a virtual AGM possible in this challenging period. The invitation to attend has already been published in accordance with the new regulation.
