Today, going virtual has become the new norm for organisations around the world. The sudden outbreak of the COVID-19 global pandemic has proved to be a catalyst in transforming physical events into the virtual format. Organisations that have never thought about hosting events online have leveraged virtual event technology. Most important events of the industry such as AGM are transformed into a visually rich virtual space. Recently, an announcement has been made by many companies to host their AGMs virtually on a comprehensive virtual AGM platform. Many organisations are benefiting from virtual event technology even before coronavirus came into existence. Whereas some organisations are planning to hold their first virtual annual general meetings or we say it eAGM.
With the impact of COVID-19 in 2020, a sudden spike in the percentage of virtual AGMs has been noted. It resulted in upscaling the demand for virtual AGM platforms. Today, the internet is full of ample amounts of virtual AGM platforms that offer comprehensive services. Selecting the best platform depends on your business needs and requirements. The competition has been on between the service providers to offer the best-in-class services.
In this post, we have listed everything you need to know about virtual AGMs and how to host one. By leveraging the right technology you can simply run a professional and successful virtual annual general meeting. Time to get started!
What are virtual annual general meetings?
Virtual AGMs are online meetings between the interested shareholders and the director of the company organised over the web. AGMs are organised annually every year where directors of the company and interested shareholders discuss the overall performance of the company. Transforming the live physical format of AGMs into a visually captivating digital space is known as eAGM or virtual AGMs. Virtual annual general meetings are hosted on a comprehensive virtual AGM platform rather than an on-site location. It enables participants to tune in from their respective geographical locations without having to travel. Attendees can access the event at their own convenience via any device or browser supported by the internet connection. Virtual AGMs enable shareholders and the director of the company to discuss the business goals for the upcoming year in a safe and secure digital environment.
Earlier, the legality of running virtual AGMs was a bit unclear, but during the challenging times of global pandemic modifications of the rules have taken place. Restrictions have been enforced on public gatherings and traveling to ensure the health safety of the public. Moving ahead with time, utilising virtual event technology for hosting Virtual AGMs has become the new normal. We have enumerated a few steps to run successful virtual AGMs. Have a look:
Steps to host a successful virtual annual general meetings
Virtual AGMs work in a different way when compared to traditional annual general meetings. The guidelines for running an eAGM have different rules and regulations that organisations must strictly follow. Leveraging the right technology and selecting the right virtual event service provider is a must to ensure a successful virtual AGM. The right virtual AGM platform will allow all the participants to join the ongoing discussions, have interaction in chat rooms, voice out their opinions, vote during polls, and ask questions. Organisation must make shareholders aware of how to use the online medium or platform you opted for hosting a virtual AGM. Educate your attendees about how to navigate through the event and how to use the features incorporated in the event. If you are organising a virtual annual general meeting for the first time we have shared steps to run eAGM successfully. Have a look:
1. Notify your participants with instructions on how to participate in virtual AGMs
When companies send notice to shareholders to join a virtual annual general meeting send an email with detailed information too. The email must contain detailed instructions on how to access eAGM and participate in the same. Not every participant is tech-savvy and may face out some technical issues. Sending a detailed maneuver guide about accessing an event prior to eAGM helps the participants to easily access and navigate the event. The notice sent to the shareholder must include the date, time, duration, and link to access the virtual AGM. The detailed introduction must include how participants can ask questions and voice out their votes and opinions. It helps in running a smooth eAGM seamlessly. Ensure that you send a notice for eAGM along with a detailed introduction 7 days prior to the actual date of virtual AGM.
2. Select the right virtual AGM platform
Leveraging the right technology is a must to hold a successful virtual AGM. Out of many players available in the market select the virtual AGM platform that offers engaging tools and interactive features. Go with the platform that enables you to host a large number of participants and offers live chat functionality. Live audio/video/text chats enable attendees to have 1:1 or group interactions via any device. Participants can have free-flowing conversations with other participants, hosts, and speakers remotely. The engaging features offered by the platform such as live polls, surveys, Q&A, contest helps in keeping attendees engaged. The best virtual AGM platform offers the feature of digital footprinting to track every attendee move right from start to end. It helps in creating a detailed analytics report and measuring the success of the event.
3. Keep your virtual AGM private and backed by 24*7 support
Privacy is the major concern while hosting virtual AGM on a virtual AGM platform. Go with a platform that is built on a secure and scalable foundation and promises to keep company privacy intact. Enable your participants to seek 24 hours technical support in case of any technical issues.
4. Enable your shareholders to participate seamlessly during virtual AGMs
To run a successful virtual AGM selecting the best service provider that enables participants to participate smoothly is a must. The service provider you opt to host your virtual AGM must have a reliable host server. It allows you to host a seamless virtual AGM without any technical eruptions. Apart from it, the platform must only allow participants to vote who hold the right to vote during eAGMs.
5. Rehearse for a smooth virtual AGM
To run a successful virtual AGM doing many rehearsals prior to the eAGM is a must. Practice in full dress code with actual presentation materials in front of someone to ensure a seamless event. Check out all the technical pieces of equipment that are supposed to be used during virtual AGMs.
6. Keep a backup plan
Virtual events may result in unexpected technical issues at the last moment. Be ready with a backup plan to run your virtual AGM successfully. Inform the attendees about your back up plan while sending the notice for virtual AGMs along with follow-up emails.
By keeping in mind the above-mentioned steps you are sure to run a successful virtual AGM. If you have not yet planned out one, now is the time to get started and embrace eAGMs.