A key focus for many UK listed companies at this time of year is finalising their annual report and preparing for their annual general meeting. This briefing considers developments and issues arising in practice over the last 12 months which impact on the 2022 annual report and the AGM in 2023.
Following the disruptions caused by the Covid-19 pandemic to the 2020 and 2021 corporate reporting and AGM seasons, 2022 was more of a return to normal for companies. Whilst economic and geo-political factors will continue to require agility and flexibility from companies, we anticipate that preparing the annual report and for the AGM in 2023 will be more business as usual for companies.
The most significant development for companies to consider is the revised Statement of Principles published in November 2022 by the Pre-Emption Group (PEG Guidelines), which permit companies to disapply pre-emption rights over a higher proportion of shares. There are no major new requirements which need to be incorporated into the 2022 annual report, though there are some developments on climate and structured electronic format reporting to be addressed.