Annual general meeting (AGM) in the digital era: Where do Italian companies stand?

Digital transformation has emerged as a crucial driver for businesses to thrive in the dynamic contemporary landscape. This process has accelerated due to the widespread impact of the COVID-19 pandemic, compelling companies to also reshape their corporate governance structures and mechanisms, including the format of annual general meetings (AGMs). In light of these developments, this study aims to explore how can technological, organizational, and environmental factors influence the adoption and implementation of virtual AGMs among companies through the theoretical lens of the technology-organization-environment (TOE) framework. To achieve this, the study adopts a qualitative approach to address the underlying factors of shareholder meetings’ digital transformation in Italy. Specifically, the research conducts an inductive content analysis on AGM minutes of Italian companies listed on the FTSE-MIB held in 2019, 2020, 2021, and 2022. The evidence indicates that virtual AGMs among Italian listed companies are not widespread. During the COVID-19 pandemic, Italian firms avoided conducting virtual AGMs due to technological, organisational, and environmental factors, and the majority have no immediate plans for online meetings. Consequently, the pandemic has not driven AGM innovation in the Italian context. This evidence contributes to the literature on virtual shareholder meetings and offers insights for future research into companies’ perspectives on this theme.