BUSINESS ARTICLE

The benefits of hybrid meetings and virtual AGMs in Singapore

The benefits of hybrid meetings and virtual AGMs in Singapore

The benefits of hybrid meetings and virtual AGMs in Singapore

boardroomsuperadmin Business Insights, Share Registry

The global shift towards greater digitalisation has had significant impacts on the Singapore corporate sphere, with the COVID-19 pandemic serving to accelerate a sector-wide uptake of digital communication technologies to support business continuity.

While the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings) Orders allowing businesses to hold meetings electronically ended on 1 July 2023, a new Bill has already come into effect, giving businesses (non-SGX listed) the option to continue conducting their meetings virtually if they wish – even if physical meetings are stipulated in their company constitution.

Now that businesses have experienced the advantages of electronic meetings first-hand, the shift towards virtual and hybrid formats is expected to be an enduring Annual General Meetings (AGMs) trend.

Ahead, Charlyne Pak, Manager Share Registry Services for BoardRoom Singapore, explains how both small and large businesses can benefit from holding hybrid and virtual meetings in Singapore. We will also explore key considerations for ensuring your meetings foster positive communication and meaningful connection between shareholders.

Key advantages of hybrid meetings and virtual AGMs in Singapore

A major advantage of virtual meetings is that they can be logistically easier to arrange than on-site meetings. This is particularly the case when the board of directors are located overseas.

“On-site meetings may require transport, venue preparation, accommodation and catering, while virtual meetings allow participants to dial in from wherever they’re located,” Charlyne explains. “This makes running the meeting easier logistically and saves on costs.”

Benefits AGM meeting

Additional advantages of hybrid and virtual meetings include:

Increased flexibility and convenience
Participants can choose whether to attend physically or remotely, depending on their location and preferred mode of communication.
Enhanced diversity and inclusion (D&I)
Shareholders who are based overseas or have mobility or health issues (e.g. immunodeficiency) can easily attend remotely, which supports inclusivity and engagement levels.
Improved communication
Real-time messaging functions allow for better communication during Q&A sessions, as it removes the stress or pressure that can come with asking questions in-person.
Time savings
Digital capabilities such as pre-meeting registrations, integrated virtual voting and live Q&A help to streamline meeting management.
Corporate sustainability
The need for travel, paper and catering is minimised or removed, resulting in less wastage and a smaller carbon footprint.
Bolstered reputation
Leveraging new technologies symbolises your company’s eagerness to stay at the forefront of evolving business practices.

The benefits of virtual AGMs for smaller businesses

The time and cost savings of electronic AGMs make them a popular option for many smaller businesses, who usually have limited financial resources and therefore must prioritise the effective management of budgets.

“Virtual meetings can be more cost-effective as you don’t have travelling, accommodation or venue booking expenses,” says Charlyne.

The real-time engagement tools offered by digital technology have cut meeting times dramatically, with the average meeting now lasting 30 minutes, down from 80 minutes in 2019.

Digital technology can also assist small businesses in making new connections and fostering strong partnerships due to the improved networking and collaboration opportunities it can provide.

The benefits of virtual AGMs for smaller businesses

The benefits of hybrid AGMs for larger businesses

As COVID-19 restrictions eased, many businesses – particularly larger organisations with numerous shareholders – learned how to run a hybrid AGM so that overseas shareholders could still enjoy the convenience of attending remotely.

According to Charlyne, the flexibility of hybrid meetings can help boost participation numbers, leading to stronger engagement and communication among members of your organisation.

“With hybrid meetings, you can connect with a larger group of shareholders with no geographical limitations,” Charlyne says. “However, less tech-savvy shareholders can still choose to attend in person.”

Hybrid meetings also allow companies to streamline in-meeting communication through the use of digital tools.

“Participants can raise questions virtually via real-time messaging, where the moderator can categorise similar/repeated questions for the Chairman to reply. This helps in reducing the duration of the meeting,” Charlyne says.

What to consider when running a hybrid or virtual AGM in Singapore

Business leaders can maximise the benefits of hybrid and virtual meetings (AGM, EGM) by paying attention to the following factors.

Meeting format
Both virtual and hybrid settings for your AGM offer distinct unique benefits. Make your selection based on your business requirements and shareholder demographics.
Communication management
To comply with regulatory standards and support good communication, work with reliable meeting service providers. BoardRoom, partnering with Lumi Global, provides meeting solutions with features such as real-time voting, messaging, polling, and document repository which provides shareholders easy access to all documents. Make sure to designate a moderator to manage incoming virtual messages and questions.
Practise and preparation
Prior to the meeting, it is important to perform a dry run (dress rehearsal) and craft detailed chairman scripts. This will help ensure the seamless execution of your meeting and instil confidence amongst attendees, leading to enhanced meeting outcomes.
Good governance
A reputable meeting services provider can ensure good corporate governance by facilitating transparent and inclusive communication, promoting effective decision making and support in maintaining accurate records.
Risk mitigation
To reduce the risk of disruptions, work with your meeting services provider to put contingency plans in place in the event of technical failure. By partnering with Lumi Global, the world’s leading end-to-end hybrid and virtual meeting provider, BoardRoom is able to switch to a backup server almost instantly should there be a power failure during your meeting, thus maintaining seamless continuity.
Privacy and security
Ensure internal data privacy and security protocols are followed to protect sensitive information shared before, during and after the meeting.

Make the most of your meetings with BoardRoom

Amid digital transformation in Singapore and around the world, electronic meetings have emerged as powerful tools for businesses to adapt and thrive. Well-conducted hybrid and virtual AGMs provide a valuable opportunity to engage meaningfully with shareholders and gain a strong understanding of stakeholder expectations.

At BoardRoom, we are ready to handle all your meeting management, polling and live engagement needs as part of our premium share registry services.

With a commitment to delivering quality service, we strive to ensure the effective and compliant running of your general meetings in line with local regulations and the Singapore Standard for Vendors of Virtual/Hybrid General Meeting Systems.

Our dedication to positive client outcomes means we are now Singapore’s leading meeting services provider, with 47% of public-listed companies choosing BoardRoom to conduct their general meetings.

Contact us to discuss how our comprehensive share registry and meeting services can benefit your business.

Make the most of your meetings with BoardRoom

Contact BoardRoom for more information:

Charlyne Pak

Share Registry Services Manager, BoardRoom Singapore

E: [email protected]

T: +65 6536 5355

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