Annual ings (AGMs) have traditionally followed a familiar, structured format. Typically held in formal venues, these events mainly attracted Nigerian retail investors, who historically comprised the majority of attendees. Institutional investors and company representatives also participated, often engaging through one-way presentations. Shareholders would review financial reports, cast votes on various resolutions, and ask a limited number of questions when time allowed. While geographic participation was restricted, retail investors remained the primary participants in Nigerian AGMs.
Technology has changed that.
Driven by the global shift toward digital platforms and accelerated by the COVID pandemic, AGMs are now evolving into more interactive, inclusive, and data-driven events. Virtual and hybrid formats have replaced exclusive, in-person gatherings. Shareholders, no longer constrained by geography, can now join from anywhere, ask questions in real time, view presentations interactively, and vote securely online. What was once a compliance-driven obligation is becoming a strategic platform for engagement.
In this article, we examine how technology is reshaping the AGM experience, how innovation helps companies reach more shareholders, gather better feedback, and strengthen their investor relations.
What Are the Forces Driving AGM Transformation?
The traditional AGM, once a highly formal, in-person affair with limited shareholder involvement, is no longer the default. Over the last few years, the format has evolved significantly. This change did not happen by chance. It has been shaped by three powerful forces: the rise of digital meeting formats, the growing use of interactive tools, and the smarter use of data. Together, these forces are reshaping the AGM into a more accessible, engaging, and strategic touchpoint for companies and shareholders alike.
1. Virtual and Hybrid Meeting Formats
During the COVID pandemic, virtual AGMs became necessary due to restrictions on physical gatherings. But what started as a stopgap has now become a strategic process. More companies are adopting hybrid AGMs, allowing shareholders to choose how they want to attend, either physically or online, while still being able to vote, ask questions, and follow proceedings in real time. This is because the Business Facilitation Act section 240 (2) permits all companies to hold their general meetings electronically, provided their Articles of Association permit it.
.Why this matters: Shareholders no longer need to live in Lagos or Abuja to attend an AGM. They may attend and participate from anywhere in the world, provided they have internet access.
Companies save on venue and hospitality costs while reducing the burden of organising large gatherings.
Hybrid meetings make it easier to maintain continuity even during disruptions, such as political unrest or natural disasters.
For companies with sustainability targets, reducing travel and paper-based logistics is a bonus.
2. Interactive Technology Tools
AGMs used to be highly one-sided: management spoke, and shareholders listened, often passively. That is changing. With modern AGM platforms, shareholders can now:Ask live questions through chat or audio.Participate in real-time polls.
View interactive presentations or financial dashboards.
This shift from presentation to participation creates a stronger connection between companies and their investors. It also encourages more retail shareholders, who often feel like outsiders, to speak up and engage.
Why this matters
It transforms the AGM from a legal formality into a space where shareholder voices are heard. Management receives immediate feedback on shareholder concerns and can address them in real-time.
It creates a more transparent and engaging experience, especially for first-time or small-scale investors who may not otherwise feel confident speaking up.
The result? A more accountable, responsive leadership team and a more involved shareholder base.
3. Data and Analytics Integration
Today’s AGM platforms do more than just stream videos. They collect valuable data, such as:
Who attended and for how long?
What questions were asked?
How shareholders voted on different issues.
What parts of the presentation got the most engagement?
This information gives company secretaries, investor relations teams, and board members a better view of what matters most to their shareholders.
Why this matters: It helps companies identify patterns. For instance, if a particular resolution consistently draws concern or if certain investor groups are disengaging.
It allows leadership to follow up meaningfully after the AGM, based on real shareholder sentiment, not guesswork.
Over time, it informs how the company communicates with shareholders outside the AGM, from newsletters to investor calls.
AGMs are no longer a tick-box activity. They are becoming a rich source of insights that can shape how companies communicate and govern all year long.
What Nigerian Corporates Must Consider
Modernizing AGMs goes beyond technology adoption. Particularly for Nigerian companies, the shift requires deliberate planning across education, infrastructure, and risk management. More shareholders are engaging remotely; therefore, the responsibility grows heavier, not just to make access possible, but to make it meaningful. Here are three core considerations companies should not ignore:
1. Bridging the Digital Literacy Gap Among Shareholders
Technology promises broader participation, but that promise will fall flat if shareholders are unable to use the tools provided. In Nigeria, retail investors include pensioners, artisans, and small business owners who may not be digitally savvy. Some may not own smartphones. Others may have never used a virtual meeting platform or online voting system.
This creates a silent barrier. If only the most connected shareholders can participate meaningfully, then the digital AGM risks becoming exclusionary, the very opposite of its intended effect.
What this means for companies:
Do not assume all shareholders can navigate the digital process without support.
Provide clear, step-by-step instructions well in advance of the meeting, via SMS, email, and postal mail, if necessary.
Offer simple FAQs and video tutorials in local languages where possible.
Set up dedicated phone lines and customer care support through your registrar to walk shareholders through login, voting, or question submissions.
Consider a short test-run session before the actual AGM to help users get comfortable with the platform.
Digital participation must be earned through support, not assumed by default. The inclusiveness of the process matters as much as the technology itself.
2. Selecting the Right Technology Platform
The difference between a smooth, professional AGM and a confusing one often comes down to the platform used. A basic video call app might work for team meetings, but AGMs require much more secure access, clear identity verification, real-time voting, and tools for meaningful participation.
If shareholders are unable to vote because the platform lags or fails to recognize their credentials, it creates more than just frustration. It risks legal challenges and reputational damage.
Therefore, companies should:
Select platforms designed for shareholder meetings, featuring built-in polling, Q&A, voting, and attendance tracking.
Confirm that it works well on low-bandwidth networks and is mobile-friendly. As many shareholders will join using their smartphones.
Test the platform in real-world conditions before the AGM, with internal users and selected shareholders.
Ensure the system integrates with your registrar’s database and that records can be audited, if needed.
Ultimately, the technology you choose is a reflection of how seriously you take shareholder access and engagement.
3. Safeguarding Cybersecurity and Data Privacy
Virtual AGMs involve sensitive information, including shareholder identities, voting data, meeting minutes, and recordings. With these processes now happening online, the risk of cyberattacks or data leaks increases, especially if protection is weak or unclear.
In the age of digital engagement, a single breach could compromise not just privacy, but trust.
To be a step ahead, organizations should:
Work with IT and compliance teams to secure the full AGM technology stack, including authentication, data storage, and communications.
Use encrypted connections, two-factor authentication, and access controls to protect sensitive data.
Ensure vendors are compliant with the Nigeria Data Protection Act (NDPA) and include these requirements in service-level agreements.
Notify shareholders of how their data will be used, stored, and protected, and follow through with clear policies.
Innovation in Action: How Coronation Registrars is Redefining Shareholder Engagement
Coronation Registrars Limited has been at the forefront of this digital transformation in shareholder engagement with Coronation Virtual.
Coronation Virtual allows organizations to deliver AGMs that meet the expectations of the modern shareholder and today’s realities so that engagement becomes meaningful, access is easy, and participation is measurable.
Unlike off-the-shelf video platforms, Coronation Virtual was developed specifically for the realities of the Nigerian capital market. From first-time retail investors to institutional shareholders, the platform is built to serve a broad spectrum of participants while maintaining compliance with SEC requirements and corporate governance best practices.
What Sets Coronation Virtual Apart?
Purpose-Built for Nigerian AGMs: Coronation Virtual is specifically designed to meet the regulatory and practical needs of local issuers, with features that support seamless reporting, proxy voting, and audit trails.
End-to-End Shareholder Engagement: From pre-AGM notifications to post-meeting analytics, the platform provides tools that support the full lifecycle of shareholder interaction, not just the meeting itself.
Secure Participation: Advanced authentication and real-time verification help ensure that only eligible shareholders gain access to vote, speak, or engage during the meeting.
Scalable and Mobile-Ready: Designed to work well even on smartphones and lower bandwidths, making it ideal for Nigeria’s diverse investor base.
Transparent and Interactive Tools: Live Q&A, moderated discussions, and real-time voting allow companies to engage directly with shareholders and respond to their concerns during the meeting.
Leading with Innovation, Listening to Shareholders
Coronation Registrars understands that technology alone does not build trust. Shareholders want to feel seen, heard, and respected, whether they are attending from Victoria Island, overseas or from a remote village. That is why Coronation Virtual is more than a digital meeting room; it is a strategic tool for redefining modern investor relations.
Coronation Registrars is helping forward-thinking companies turn AGMs into true platforms for accountability and inclusion by embedding innovation into its core services. This is done, of course, without losing sight of structure, security, or shareholder rights.
Final Thoughts
The transformation of AGMs reflects a broader shift in how companies engage with their shareholders. Participation is no longer limited by geography or defined by formality. Shareholders now expect access, transparency, and the ability to engage meaningfully.
Forward-looking organizations should view this as a strategic opportunity to reinforce trust and demonstrate accountability to shareholders.
The adoption of platforms like Coronation Virtual shows how companies may rise to these expectations with confidence, using technology not just to comply, but to lead. Built with a deep understanding of the local market and evolving investor behavior, it reflects what modern AGMs should be: accessible, efficient, and engaging.
Coronation Registrars remains dedicated to helping businesses achieve excellence in corporate governance and investor satisfaction. Partner with Coronation Registrars today.
For more information, connect with us at customercare@coronationregistrars.com or call 02012272570.
