Reasons to conduct Virtual AGMs

 

Reasons to conduct Virtual AGMs

Virtual. This is currently one of the most used words in the ICT space. The prevailing pandemic has caused the way we work to morph in ways we would never have imagined two decades ago. It has pushed us to look for and formulate solutions to return life back to as normal as possible. Even the way society runs now has changed, in some ways for the better.

Here are some pros of conducting virtual meetings:

1.     Cost

All factors considered, including money, time and labor, it is cheaper to host a virtual AGM than it is to host an in-person AGM. When one considers an in-person AGM, the organizer will need to find a venue, print relevant information, organize for food, etc. However for a virtual AGM all that the organizer needs to do is provide a link from where all attendees may register and attend the AGM. Simply put an in person meeting has more moving parts than a virtual meeting.

In terms of monetary cost, an in-person AGM is more expensive, by at least double what a virtual AGM will cost.

2.     Easier Set-up

It takes longer and is more complicated to set up an in-person meeting, however should an organization desire to have a virtual meeting, the organization is required is less, and it is also more convenient for attendees to attend the meeting because they can attend remotely, regardless of where they are. All they need is a strong internet connection. For most virtual meeting platforms, the speeds needed to sustain a YouTube video without buffering are the same as what would be needed to comfortably host or attend a virtual AGM. Simply said, an in-person AGM has more moving parts than a virtual AGM.

 

3.     Record of Proceedings

Unlike an in-person meeting, whereby once the meeting is over what was not captured by the secretary may be lost forever, a virtual meeting has a record of proceedings for future reference. This includes storage of materials that will be used during the AGM such as previous minutes, which the members may download before the meeting begins.

 

4.     All functionalities included

The proceedings of an AGM include interaction between shareholders and directors. These interactions are in the form of Q&A sessions as well as voting to make decisions. To facilitate question and answer sessions, virtual AGM platforms have in-built features that allow members to ask questions and receive answers in an easy, organized manner. An added advantage of virtual AGMs is that after polling they display the results immediately using visual representations such as charts, graphs and many other options, to make it easier to process information and make decisions, in real time.

 

5.     Health protocols observed

The Covid-19 pandemic has changed the way society functions and this is likely to be the case for the foreseeable future. When you think about social distancing as well as constant hand washing and sanitization, they can make an in-person meeting quite cumbersome. The solution is to have a virtual meeting, and the organizer will not have any such worries on their minds.

 

Due to the benefits observed in virtual meetings it is likely that they will not only be the new normal, but that they will be a permanent feature in how work gets done in the future.

 

The Cons of hosting Virtual AGMs.

To an organizer there are no cons to hosting a virtual AGM over an in-person AGM. Whatever way you look at it there are only advantages, as explained above J

 

Send an email to sales.ke@coseke.com to book a meeting and find out more about how your organization can host a virtual AGM, or meeting.