We have been advised by our lawyers that a poll is now best practice – and also speeds up the AGM.
We have asked our registrars to quote for managing the poll and we are surprised at the extra cost – an amount for acting as scrutiniser plus an amount per resolution. We normally only have about 10 shareholders attending in person at the AGM so the extra work would be very small.
Could companies please advise on how much extra work is there for the registrars in conducting the poll – and whether they are known for seeking to charge too much for the service.
We usually have about 3 shareholders turn up so would argue that it is neither cost effective nor quicker to have a poll. We would only have a poll if the proxy votes were likely to produce a different outcome to a show of hands. The proxy votes are read out after each resolution has been passed so it is quite clear that the proxy votes are in line with the show of hands. Our registrars do not normally attend the AGM. As to the amount of work it depends on the number of shareholders who attend and how many resolutions you have, but it is not difficult, just need to hand out and collect completed poll cards and then get out your calculator. Have done a poll once on one resolution, the Chairman carried on with the rest of the business of the meeting and the result on that resolution was declared at the end.
We are also planning to hold a poll for the first time at our AGM on 1 May. We get around 60 small shareholders. I have done an “emergency” poll on one resolution before in another company where we adjourned the meeting whilst we held the poll and by the time we resumed they had all b*ggared off! (apart from a quorum of course)) Planning to ask the Registrar to attend and have asked for quote. Also looking to attend ano AGM where poll used (anyone running one in the next 4 weeks please?)