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Understanding the diverse motivations behind AGM attendance amongst different demographics

Annual General Meetings serve as crucial junctures where shareholders come together to discuss corporate matters, make decisions and engage with company leadership. However, beneath this shared purpose lies a multitude of individual motivations that drive various demographics to participate.  

Retail investors 

For retail investors, attending AGMs is driven by the desire for engagement and influence. Lumi's research reveals that the number one reason retail investors want to attend AGMs is to pose questions directly to the company's board, gaining insights into corporate strategies and operations. 

This engagement underscores their commitment to informed decision-making and holds potential for effecting positive change. Moreover, AGMs offer retail investors platform to voice their concerns on matters they are passionate about, ranging from executive compensation to sustainability practices. For these investors, AGMs represent a way to make their voices heard and play an active role in shaping the companies they invest in. 

Ethical investors 

Ethical or socially responsible investors attend AGMs with a unique purpose – to advocate for their values and promote positive social and environmental impact. These investors align their investment decisions with their ethical beliefs, focusing on companies that demonstrate responsible practices and sustainable initiatives. AGMs offer them a platform to raise questions about a company's ESG efforts, pushing for transparency and progress. Ethical investors view AGMs as an opportunity to hold companies accountable, ensuring that their actions are consistent with their stated values. 

Different age groups 

There’s a common misconception that older investors seek to attend AGMs to influence dividends – and younger investors seek to influence the company they invest in on issues they are passionate about. However, Lumi’s research shows a different story.  

Results from Lumi’s Shareholder Roadblocks report found that those  aged 55+ are the least likely of any age group to want to influence dividends, shattering the idea that only younger generations care about having their voices heard on social impact.  

This doesn’t mean millennials and gen-z want to influence dividends, however. For both these groups, ESG issues and making their voice heard are the top reasons for attending AGMs.  

AGMs bring together a diverse tapestry of investors, each driven by distinct motivations. From retail investors seeking engagement to investors of all ages prioritising governance, these gatherings embody the intricate interplay of financial, ethical, and strategic considerations.  


Read more about the reasons people attend AGMs in our Shareholder Roadblocks report.