London Daily

Focus on the big picture.
Tuesday, Apr 22, 2025

M&S chairman: Company law needs to catch up with the digital age

M&S chairman: Company law needs to catch up with the digital age

The chairman of the department store chain says allowing more digital communication would promote shareholder engagement and see more shareholders holding businesses to account.
The chairman of Marks and Spencer says company law is "stuck in a 40-year-old time warp" and needs to catch up with the digital age.

Archie Norman was among the signatories on a letter to Kemi Badenoch, the business secretary, calling for digital AGMs and digital-only company reports, among other measures.

Speaking about company reports, he told Sky's Ian King Live programme that a lot of time and expense is involved in producing hard copies and then posting them to shareholders.

The postage alone costs M&S more than £100,000, he said, with many FTSE 100 companies spending "probably a quarter of a million, maybe half a million" on the production.

Holding up a copy of M&S's report from last year, he described it as "220 pages long, lovingly produced" and "full of very important information that practically nobody has ever read".

The reporting requirements for companies have increased "astronomically" in recent years, he said, adding that the reports were on average 48% longer than they were five years ago and more than double what they were 10 years ago.

"They shouldn't be mailed out to lots of people in this day and age," he said.

"They should be posted online as they are, and people who want to access them can review them online because this is costing a lot of money."

'Forests of the world have been demolished'

Mr Norman said a physical report could still be requested, but the current situation - spending many thousands of pounds on production and postage - is "totally unsustainable".

"Forests of the world have been demolished to produce annual reports and it's very expensive to do and takes a lot of company time and they're not suitable communications for shareholders," he added.

Mr Norman is also calling for digital AGMs to be encouraged - under current rules, a digital AGM is not a legitimate meeting unless a company goes through a lot of paperwork to be allowed to hold a hybrid meeting.

But Mr Norman said companies should be allowed to choose the format that works for the size, shape and geography of its shareholder base.

He said most shareholders are in different parts of the country and many cannot take a day off to come down to a company's AGM in London, meaning that meetings are often dominated by retired people and "quite a lot of people too, who like the sound of their own voices rather too much - and that doesn't make for a great meeting".

"So what we're saying is turn it into a digital meeting - open it up to the world... enable people in Newcastle and Leeds to attend and take half an hour off work to have a look into the AGM or time out of that day without having to travel to London."

M&S started using digital AGMs early in the COVID-19 pandemic and continued to do so - Mr Norman said their physical meeting in 2019 had 561 attendees, while July's had 1,700.
Newsletter

Related Articles

0:00
0:00
Close
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
US Federal Reserve Chair Issues Warning on Tariff Impact
UK Prison Officers Demand Electric Stun Guns Amid Safety Concerns
China, China, China!
Australian National Charged as Mercenary for Fighting in Ukraine
Israel Considers Limited Strikes on Iran's Nuclear Facilities Amid Diplomatic Efforts
Prince Andrew Joins Royal Family Attends Easter Sunday Service at Windsor Castle
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Here’s a police officer with a brilliant gift for swift education
"Some complain that we put thousands in prison. In reality, we set millions free."
This is Vienna, Austria in 2025.
Boeing Jet Returns to US from China Amid Tariff War
Canadian Federal Election: Candidates' Positions on US-Canada Relations and Donald Trump
Resentencing Hearing for Menendez Brothers Who Killed Their Parents Delayed Amid Legal Disputes
Australian Woman Gives Birth To Stranger's Baby In IVF Mix-up
US Sets Deadline for Russia-Ukraine Peace Deal Brokerage
Italy Introduces 'Sex Rooms' in Prisons for Inmates
California Launches Legal Challenge Against Trump Administration's Tariffs
"Groundless": China Dismisses Zelensky's Claims It's Supplying Arms To Russia
UK Psytrance Festival Cancelled Amid Local Protests Over Noise Concerns
French Far-Right Writer Renaud Camus Denied Entry to UK
UK Police Force Updates Search Policy for Trans Individuals in Custody
Italian Prime Minister Giorgia Meloni Meets with Donald Trump to Discuss EU-US Trade Tensions
Canada's Federal Party Leaders Engage in Final Debate Ahead of General Election
Ukraine and US Sign Outline of Minerals Deal
Fast Food Chain Refuses to Apologize for Online Comment About Katy Perry's Space Voyage
New York Attorney General Letitia James Faces Criminal Referral for Alleged Mortgage Fraud
Mark Cuban admits support for Trump executive order: ‘Gotta be honest’
US Senator Meets with Deported Immigrant in El Salvador Amid Custody Dispute
U.S. State Department Raises El Salvador’s Safety Ranking, Making It Safer Than France and Other European Nations
UK Government Assumes Control of British Steel's Scunthorpe Plant Amid Shutdown Threat
UK MP Wera Hobhouse Denied Entry to Hong Kong During Family Visit
Bangladesh Issues Arrest Warrant for UK MP Tulip Siddiq
China Urges United States to Cancel Tariffs Amid Escalating Trade Tensions
The Empire’s USD Pyramid Scheme Is Working Brilliantly—So Why ‘Fix’ It?
China Raises Tariffs on U.S. Goods to 125% Amid Escalating Trade Dispute
Elon Musk Reports $150 Billion in Projected Government Savings Amid Fraud Investigations
U.S. and Panama Finalize Defense Agreements Amid Canal Access and Chinese Influence Concerns
China Stands Firm Amidst Trade Disputes with the US: A Factual Analysis
U.S. Tariff Escalation Sparks Global Trade Tensions
Helicopter crashes in NYC with four people on board.
Australia Dismisses China's Suggestion to Collaborate Against US Tariffs
EU Postpones Response to US Tariffs
The Trump Administration is contemplating removing Chinese companies from U.S. stock exchanges.
Violent Incidents and Public Safety Concerns Escalate in London and County Durham
×