The annual general meeting (AGM) is the most visible and formal mechanism of corporate governance for shareholders, typically including discussion, questions and voting. Increasing demand by shareholders to “have a say” on their investments has gained widespread media attention. However, significant doubt has been cast over the extent to which the AGM process can be considered democratic. Drawing on 27 in-depth interviews with experts in the field, this study identifies spaces in and around the AGM where interaction and deliberation take place and explores the extent to which these constitute a democratic approach to corporate governance. Our study contributes to the literature on corporate governance by offering insights into interaction processes between different actors in and around AGMs. We further contribute to discussion around democratic corporate governance and explore how traditional corporate governance mechanisms may need to be adjusted so they are fit for purpose in today’s society.
