Marks & Spencer is facing backlash after making its annual general meeting an entirely digital event.
The high street staple will be holding this year’s AGM on Tuesday and has warned shareholders not to travel to the event, according to the Times.
It has billed the meeting as “fully digitally enabled” and told investors that “board members will not be available for interaction with shareholders in person”.
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The retailer says holding the event online makes it easier for people to participate, yet the move has attracted criticism for effectively blocking investors from meeting directors face to face.
The Times reports that champion of private investors, Lord Lee of Trafford called the arrangements “appalling and outrageous”.
He told the title: “At the end of the day the shareholders own the company — the directors, people like Archie Norman, are mere stewards for a limited period,” he said. “For them to shut out the owners is the height of arrogance.”
M&S annual meetings have previously been eagerly awaited by attendees with sandwiches and special guests such as Twiggy, who had a clothing line with the retailer, making appearances.
Its last face-to-face annual meeting was held back in 2019 thanks to Covid-19.
M&S says a digital-only format has improved participation, with 593 people attending its last in-person meeting in 2019 compared with 1,687 online participants last year.
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