Communication and the hybrid 2024 AGM

In 2024 AGM going forward, leaders must embrace the hybrid AGM, where people attend both virtually and physically

The 2024 Annual General Meeting (AGM) season is in high gear.  I had the Chevening Kenya Alumni Association last weekend, heading to Kitale Club AGM with the Association of Media Women in Kenya (AMWIK) soon after. A few others like the Public Relations Society of Kenya (PRSK) were a few months back before the calendar got crowded. What is the AGM and why is it so important? The AGM brings together the members/owners following the end of the organisations financial year when audits have been done and projections for the following year made

As a crucial pillar of corporate governance, AGMs provide both the opportunity to espouse democratic principles of equality and equity and are also a very effective communication avenue if handled well.

The purpose of the AGM is three-fold:

First, it is a legal requirement of governance. Whether an organisation is registered as a business or non-profit making, it is expected that annual returns will be made to the registering authority. These often comprise of minutes and resolutions of the last AGM, the report of the elections and the names of the new directors (office bearers) in the very least. In Kenya, this list of directors is necessary before change of bank signatories can be effected.

Second, it is the one time when the members and management meet and exchange ideas. While communication varies from one organisation to the next, this annual event serves to be at least one time when communication must occur. Some organisations will create more opportunities to interact in the year, yet not every member or stakeholder will be able participate thus making the AGM the must-go-to event of the year.

Third, During the AGM, the management gives the report of work accomplished in the just ended year. These are given through the officers of the organisation – the elected members. Accounts are scrutinised, financial auditors present their findings and give recommendations on what needs to be strengthened to keep the organisation accountable and transparent.

Whatsapp groups, Telegram and Facebook groups have become the avenues where ongoing discussion takes place way before the AGM. The neatly wrapped corporate package sent ahead of the AGM is dissected online days in advance.

The 2024 AGM has to tackle all these amidst technological advancements. First, with the advent of Covid-19, organisations had to be creative and find a way of meeting without physical contact. Online platforms quickly became the fad while regulators quickly allowed amendments to constitutions so that virtual meetings could be recorded as legal.

In the post covid era, hybrid meetings have become the reality. Some will be present physically because there are no restrictions any longer while some will be online by choice or by location. Hybrid technology breaks down geographical barriers allowing all stakeholders who should be at the AGM be present where those geographically away would have had no choice except give apologies.

In the years since covid, meeting technology has continued to grow by leaps and bounds giving an integrated, dynamic and participatory experience where echoes, breaking voices and noisy backgrounds are a thing of the past.

The second change is the presence of much more informed and engaged decision making. Both in the corporate and political landscapes, questions are being asked to an unprecedented level. Those in leadership almost feel like hostages. The members of the organisation want more information and they want it immediately. They will ask questions about their investment, the financial situation, current strategy and plans for the future. They want to track achievements versus goals and be satisfied that any potential risks or challenges that may impact its performance are well thought through.

Indeed, whatsapp groups, Telegram and facebook groups to mention but a few have become the avenues where ongoing discussion takes place way before the AGM. The neatly wrapped corporate package sent ahead of the AGM is dissected online days in advance and it seems the AGM is for recording the resolutions and carrying out the elections.

As a crucial pillar of corporate governance, AGMs provide both the opportunity to espouse democratic principles of equality and equity and are also a very effective communication avenue if handled well. It is important therefore, that law and order are honoured by allowing for open communication, allowing people to ask questions, voice concerns as well as contribute to the discussions.

This means communication MUST be at the heart of every leader in 2024 and going forward. Communication embraces LISTENING. It is a two-way traffic where feedback is a key cog in the wheel. In the digital era, the participants, stakeholders, members, shareholders have multiple ways of giving feedback.

An AGM also is the platform to nurture stronger relationships, enhance trust and confidence among shareholders, by providing members/shareholders the opportunity to voice their opinions enhancing transparency and open dialogue.

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