Marks and Spencer Group PLC (LSE:MKS) has told shareholders they should not attend its AGM tomorrow but rather join digitally.
The retailer, once renowned for its hospitality to investors, has warned that anyone turning up to tomorrow’s event will not meet board members or be offered refreshments.
According to ThisIsMoney, shareholders will be able to join the meeting electronically, a move championed by M&S chairman Archie Norman in his attempts to modernise the firm.
“A lot of older shareholders have a misty-eyed view of AGMs and remember fondly the days when hundreds of shareholders would take the day off to attend town hall meetings,” Norman said in ThisIsMoney.
“But the reality of contemporary life is very different now and many of the physical assemblies are ill-attended. Because they require time off in the day, they exclude most working-age people and people who live away from London,” he added.
Small pockets of investors who had previously stated support for the modernisation drive have now said they are "disappointed" and "embarrassed" in an open letter in which they also called for a hybrid event.