Due to the Covid19 situation all listed companies in Malaysia are organizing virtual AGM annual general meetings. Maybank also held their AGM as a fully virtual AGM.
How virtual AGM works is that shareholders do not need to be physically present during the AGM. Shareholders can watch the AGM live from the internet. Shareholders just have to log into the company (Maybank) share registrar page and then launch the live stream from there. Voting for resolutions are all also done on the share registrar page.
Due to Covid19 situation, Maybank's online platforms (Maybank2U, MobileApp and QRPay have seen huge increases in transaction volumes.
Some of the items highlighted were :
- Day 1 modification loss of RM 1 billion due to moratorium will be recognized in q2
- 64cents dividend payout
- ROE (return on investment) at 10.9%
The questions and answer sessions were not quite smooth as all the questions by the shareholders online were not filtered for bad English, duplicated questions and were directly read 'as is' by Maybank CEO Datuk Farid.
One big surprise from the AGM meeting was all attendees who registered for the AGM will be credited RM50 into their Maybank MAE (Maybank Anywhere) ewallet. This surprise "door gift" was not announced ahead of the AGM and it took everyone by surprise. From this announcement, I believe more people will attend these virtual AGMs in future for the hope of getting 'virtual door gift'.
While virtual AGM allows more people to participate, not surprisingly the participation rate is lower than a physical AGM. Obviously most people especially retirees go to listed company AGM's solely for free food and door gifts. I believe more people will participate in future Maybank AGM since Maybank's announcement of this 'virtual door gift'.
Updates 20200702
Maybank's efficiency to transfer the RM50 into my Maybank MAE wallet needs to be given credit.
🔗 The slides of the virtual AGM can be obtained here.
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