MUNICH (dpa-AFX) - Demonstrations in front of the event hall, persistent questions from the floor and lively debates between shareholders and the company's management: At annual general meetings, shareholders have also made their way vociferously to make their voices heard in the boardrooms. But since the first Corona year, it has become quieter around the annual shareholder meetings, where the management and supervisory boards answer questions from stockholders. Because of the pandemic, companies often held their annual general meetings online in the past three years. The majority of Dax companies want to stick with this.

Of the 40 largest companies on the German stock market, more than half are already planning to hold a purely digital AGM again this year. This is the result of a survey by Deutsche Presse-Agentur. 22 Dax companies are planning online formats, while only 10 companies have decided to meet in person - including BASF, Henkel, Airbus and Porsche. The decision is still pending for 7 companies. One group did not provide any details.

There has been a lot of criticism of the digital-only AGM from shareholders. German shareholder protectors see the opportunity for a lively exchange between shareholders and company management at risk and are calling for a hybrid format instead, for example. "The presence general meeting is a very important part of the share culture in Germany," said Daniela Bergdolt, vice president of the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW). "In presence, the lively, critical dialogue between companies and shareholders can be best implemented."

The option of an annual general meeting without the physical presence of shareholders was introduced at the beginning of the Corona pandemic. The annual meetings, which typically bring together thousands of people to vote on dividend payouts, capital increases and ratification of the actions of the management and supervisory boards, were allowed to take place online. Last summer, the Bundestag then made the special rule permanent with certain amendments. Shareholders' rights are also to be fully guaranteed online, for example through a live right of inquiry.

According to companies such as Beiersdorf, Merck, BMW, Siemens and Vonovia, which have also opted for an online AGM this year, the new format has proved its worth in the Corona era. The Dax companies see various advantages in doing so: One has more planning security, protects the health of those involved, costs, effort and CO2 emissions are saved through travel and the participation of more and also international shareholders is made possible.

With the Annual General Meeting online, the sometimes high costs for hall rental, catering and personnel are eliminated. According to the healthcare company Fresenius, the online format has cut costs by around a quarter over the past two years compared with previous annual general meetings. The materials manufacturer Covestro and the energy group E.ON even expect cost savings of around 50 percent. Other companies put the difference at a six-figure euro amount. However, many also said that lower costs were not a yardstick in their decision.

Until August 31, the boards of the stock corporations can decide, with the approval of the supervisory board, whether this year's annual general meeting should be held in person or online. After that, they need an amendment to the articles of association that can specify the online format for up to five years or authorize the board to hold the meeting online during that period. The proposed bylaws change is on the agenda at some annual meetings this year.

"A blanket authorization beyond one or two years without a concretization of the design of the virtual general meeting and shareholder rights is rejected by shareholders - private and institutional alike," says Marc Tüngler, chief executive of DSW. Accordingly, shareholders want to know specifically how their rights will be structured or, if necessary, restricted in the online format, and are calling for an open presence discussion on the future AGM format.

The first of the Dax AGMs will be held on February 7 by the Munich-based energy company Siemens Energy. Here, too, it remains for the time being with the investor meeting in the net. Shareholders will be able to ask their questions live in the video conference, the company announced. "In this way, interactive dialog is also made possible within the framework of a virtual event," it said./jml/DP/mis