By Sinead Cruise and Lawrence White
LONDON (Reuters) – Britain’s banks are reviewing how they could fulfill legal obligations to hold an annual meeting for their shareholders if the government follows other nations in restricting large gatherings to contain the spread of coronavirus.
Royal Bank of Scotland
HSBC
Both banks said shareholders could watch the meetings via webcasts and vote in advance on the resolutions being discussed, to reduce the need for them to attend in person.
Banks like all public companies are required to hold AGMs, with the size of the lenders’ investor base and the controversy they have attracted in recent years over executive pay, climate change and branch closures meaning hundreds of people attend.
Standard Chartered
Britain’s government has not yet formally moved from the ‘containment’ to ‘delay’ phase of its four stage plan to combat the virus’s spread, which could include the cancellation of large public events. The country has seen a steady rise in cases to almost 400.
(Reporting by Sinead Cruise and Lawrence White; Editing by Mark Potter)