27th April 2025 – (London) HSBC has faced increasing disruptions at its annual general meetings (AGMs) due to climate protests, prompting discussions about transitioning to fully virtual gatherings. According to individuals familiar with the matter, the London-based bank has been exploring the possibility of asking shareholders to participate exclusively online, aligning with its broader “digital-first” strategy for investor events.
The bank is set to host its AGM at the InterContinental London Hotel next week, augmented by online access through the Lumi platform. However, a shift to virtual-only meetings could help HSBC cut costs associated with venue rentals, refreshments, and security measures, while also minimising disruptions from protestors, sources indicated.
HSBC has been targeted by environmental activists, including Extinction Rebellion, at recent meetings. In 2022, protestors interrupted the chair’s speech with a rendition of Abba’s “Money, Money, Money,” modified to criticise the bank’s environmental policies. Similar disruptions occurred in 2023 despite moving the AGM from London to Birmingham.
The bank’s board has publicly stated that no formal proposal to move to a fully virtual AGM has been considered. For now, this year’s meeting will remain hybrid, offering both in-person and online participation. Nevertheless, one source suggested it may be the last time shareholders have the option of attending in person, as virtual-only meetings are seen as a practical way to streamline operations and avoid confrontations.
The shift to remote AGMs would align HSBC with other companies like Santander, which recently held its first fully virtual shareholder meeting. Across the U.K., many businesses have adopted hybrid approaches to AGMs since the COVID-19 pandemic, though most have stopped short of eliminating in-person attendance—partly to avoid potential legal challenges under U.K. company law. A corporate lawyer noted that as more companies embrace virtual meetings, the risk of shareholder opposition diminishes.
Cost-cutting has been a major focus for HSBC under its leadership since September, with promises of $1.5 billion in annual savings. This includes streamlining business units and winding down certain operations in the U.K., Europe, and the U.S. A fully virtual AGM could be a step toward further operational efficiency.
Other companies have already moved toward discouraging in-person attendance. A British healthcare group recently transitioned to a virtual AGM broadcast from its offices, while another informed shareholders they would only be able to engage with management electronically. Such shifts appear to reflect a growing trend in modernizing corporate governance while managing costs and addressing concerns about disruptions.
