Bid to make voting at AGMs easier

WEALTH manager Interactive Investor is on a mission to empower investors. Tomorrow, it will confirm it has made it much easier for its customers to vote at AGMs of companies they hold shares in.

Instead of having to opt in to use the platform’s voting service, they will now be automatically enrolled. It means customers will receive notification of upcoming company votes – and then be able to cast their vote at the press of a button. Currently, just under a fifth of

Interactive’s 400,000 customers are registered to vote. Now, all will be unless they opt out of the service.

Richard Wilson, chief executive, says: ‘Everyone deserves to be given the tools to make their voice heard by UK plc. Shareholder democracy and engagement shouldn’t be inhibited by red tape or time-consuming bureaucracy.’

He adds: ‘Auto-enrolment for company pensions has had a beneficial impact on saving for retirement. We hope that by making the ability to vote online the default option for customers, it will improve shareholder engagement.’

Interactive’s move has been welcomed by Amanda Blanc, chief executive of insurer Aviva. She says: ‘We believe all shareholders should actively vote and participate in company AGMs.’

Wilson hopes his company’s move will inspire rivals to follow suit. Currently, any Hargreaves Lansdown customer who wants to attend or vote at an AGM must send it a secure message or ring its helpdesk. Where there is a vote that could have a material impact on their shareholding, Hargreaves will contact clients directly.

Currently, only around half a per cent of its clients exercise their right to vote at a company AGM.

AJ Bell adopts a similar stance to Hargreaves. It alerts customers to votes that might impact on their investment – for example, a rights issue or takeover – while processing requests to attend or vote at AGMs.