What is a General Meeting of Shareholders?
The Shareholders' General Meeting (also known as the Annual General Meeting or AGM) is one of a company’s primary corporate governance vehicles. During the Meeting, the company’s owners (the shareholders) ratify decisions on topics determined by law and by the corporate bylaws. The AGM includes particular features that are established by corporate law.
Who can attend meetings?
All shareholders have the right to attend the meetings, although in the case of corporations such as limited liability companies, the bylaws can stipulate attendance depends on holding a minimum number of shares, and in the case of listed companies this cannot exceed one thousand shares.
How does a telematic shareholders meeting work?
A telematic meeting refers to a meeting that is held without the in-person attendance of the shareholders (or their representatives).
Until last April 12 (Royal Decree-law 5/2021, dated April 12, which modifies the Capital Companies Act, approved by Royal Legislative Decree 1/2010), this was not regulated in our legal system, since said Law only regulated “hybrid” meetings, that is, those meetings in which shareholders attend simultaneously in-person and remotely.
However, in 2021, due to the exceptional circumstances derived from the COVID-19 pandemic, the Spanish Government has enabled, through the so-called “emergency legislation” (Royal Decree-law 5/2021), that meetings be held in a fully telematic manner.
Based on this emergency legislation, on April 20 BBVA will hold its Shareholders´General Meeting exclusively through telematic means in order to safeguard the health and safety of shareholders, employees and other participants.
Shareholders who wish to attend the event online will be able to after accreditation in the Telematics Assistance Portal, through which they can also connect on the day it’s held. As in past years, the Meeting can be accessed through the Bank's live-streaming of the event, accessible from the bank's corporate website (www.bbva.com).
In BBVA´s case, the rules applicable to the operation and development of the Shareholders´ General Meeting are contained in the bank's bylaws and the General Meeting´s regulations, both are available on the corporate website, along with information regarding the next General Shareholders´Meeting 2021.