M&S is facing criticism as its annual general meeting is set to be an entirely digital event.
The retailer has told shareholders not to travel to the AGM on 4 July and has advised investors that “board members will not be available for interaction with shareholders in person”, The Times reported.
M&S’ last in person AGM was in 2019, before the Covid-19 pandemic, and it has said the switch to an online event has improved participation.
The digital AGM event in 2022 saw 1,687 participants, up from 593 people in 2019.
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Despite this, M&S has received backlash for effectively blocking investors from meeting directors in person.
Champion of private investors, Lord Lee of Trafford, told The Times that the digital AMG was “appalling and outrageous”, adding that “shareholders own the company”.
“For them to shut out the owners is the height of arrogance,” he said.
An M&S spokesperson explained: “Digital meetings are more democratic, allowing more shareholders to get involved, doing away with the need to take time off and travel and removing the anxiety many shareholders experienced of having to stand up in a cavernous room to ask a question in front of an audience.”
