What to Do During an AGM (and Whether Showing Up Actually Matters)

If you’ve ever wondered what happens at an AGM, what shareholders can do at an AGM, or whether attending an AGM makes any difference at all, here’s a practical guide.

Does it matter if investors attend AGMs?

If you’re asking “does showing up matter?”, here’s the honest answer: It matters most in these ways:

• Voting power: If you vote (in person or by proxy), you take part in outcomes that  get recorded and acted on.

• Signal for you: You learn how management and the board handle pressure, explain trade-offs, and respond when they can’t hide behind a PDF.

What can shareholders do at an AGM?

Your options as a shareholder usually include:

1. Attend (physically or online, depending on the company)

2. Vote on resolutions

3. Appoint a proxy to vote on your behalf

4. Ask questions (often in a Q&A segment)

5. Submit questions in advance (some companies allow this)

6. Engage with the company afterward (investor relations, follow-up disclosures)

If you do nothing, you're still a shareholder. But you give up a rare moment where governance becomes visible.

You usually need to own at least one full share in your own name (not just a fractional share or via a pooled investment) to be eligible to vote.

Step 1: Before the AGM, read these two things

Look up:

• the AGM notice / agenda (lists resolutions you’ll vote on)

• the annual report / AFS summary (so you know what year they’re discussing)

If you only have time for one section of the annual report, focus on:

• management commentary (what they say happened and why)

• cash flow (whether the business generated cash from operations)

Step 2: Identify the “items that matter” on the agenda

Your job is to spot the high-signal items. Pay attention to resolutions involving:

• director elections / re-elections (governance and oversight)

• auditor appointment (quality of financial scrutiny)

• remuneration policy / pay outcomes (alignment and incentives)

• share issuance authority / buyback mandates (capital structure flexibility)

• any special resolutions (these are often the real point of the meeting)

Try to understand what the company is asking shareholders to approve.

Step 3: Decide your participation level (pick one)

This is where people get stuck because they think there’s only one “correct” way to do an AGM.

There isn’t. Choose what fits your time and intent:

• Level 1: Observe only
  You attend to learn tone, priorities, and how questions are handled.

• Level 2: Vote by proxy
  You don’t attend, but you vote on resolutions.

• Level 3: Attend + vote + ask one question
  You show up with one well-aimed question and listen carefully.

Step 4: Listen for alignment between “numbers” and “narrative”

You already have the annual report. Now you’re testing how they talk about it live. Pay attention to:

• which topics they emphasise repeatedly

• what they gloss over quickly

• whether explanations match what’s written in the annual report

Step 5: Use the Q&A properly (this is the main event)

Good AGM questions usually do one of three things:

• ask for explanation of a change

• ask how trade-offs were made

• ask what will be monitored going forward (metrics, priorities)

Examples of practical AGM questions:

• “What were the main drivers behind the change in operating cash flow this year?”

• “Which cost lines were most affected by the operating environment, and what actions were taken?”

• “What would you consider the key operational focus areas for the next reporting period?”

Investing isn’t meant to be a constant adrenaline sport.

But AGMs are one of the rare moments where leadership has to explain itself publicly, answer questions in real time, and ask shareholders for approval on decisions that shape governance.

If you show up once, you learn. If you show up consistently, you'll start seeing patterns.

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