a day ago
That's Nice! Informa chiefs swan off on Riviera junket
The entire board of Informa will de-camp to the sun-drenched French Riviera this week for its annual meeting as the publisher becomes the latest London-listed company to deter shareholders from turning up to such events in person.
Informa's move means its annual meeting will in effect be online-only for UK-based share owners as they would struggle to find the time – and in some cases the money – to attend.
It would cost the best part of £1,000 in flights and accommodation to go to the meeting, held at the five-star Maison Albar hotel in the heart of Nice.
Informa joins the likes of drugs giant AstraZeneca, defence contractor BAE Systems and toothpaste-maker Haleon in moving their annual meeting to what amounts to a digital-only format. Campaigners say firms are doing this to stifle scrutiny, debate and dissent in a blow to shareholder democracy.
Catherine Howarth, head of small investor lobby group ShareAction, said Informa's migration to the balmy climes of the Cote d'Azur was another example of 'disappearing directors', adding: 'Its decision not to make the board available to shareholders in the usual way this year confirms a growing pattern of disregard for shareholder accountability and access.'
She urged the Government and regulators to 'take steps to stop this pattern in its tracks'.
Another shareholder described Informa's decision as 'incredible', while a third expressed surprise – not least because last year's in-person event in London was 'jam-packed' and 'one of the best I've ever attended'.
The FTSE 100 company has been rocked by shareholder revolts over boardroom pay.
Stephen Carter, a former chief adviser to Gordon Brown as Prime Minister, has earned almost £40 million since becoming chief executive in 2013.
He could net £7.2 million this year – a fifth more than the £5.9 million he took home in 2024.
Carter, who was the founding boss of communications regulator Ofcom before entering Downing Street, has presided over the rapid expansion of Informa into the world's largest business events group, lifting its stock market value to more than £10 billion. It also owns academic publisher Taylor & Francis.
Last year Informa snapped up France's Ascential in a £1.2 billion deal that brought a prestigious advertising jamboree called Cannes Lions into its fold.
Chairman John Rishton told investors the meeting was being held in nearby Nice 'to enable the board to attend' the festival, which is now Informa's largest single event and also takes place this week. He added: 'We are delighted to welcome shareholders to attend in person in France.'
They are more likely to watch online, as one night at the hotel costs £765, breakfast included, while a return flight from Gatwick is at least another £87.
Company law is unclear about where and in what form annual meetings should take place, as the legislation was drawn up 20 years ago, before staging virtual events became common.
Meetings must be in a physical location but it is not stipulated if it has to be in the UK, if the board must be present or investors must be let in. Ministers are consulting on the issue.
Firms argue that face-to-face meetings are costly to stage and can be disrupted by protesters – as happened recently at Drax when environmental activists forced the energy generator's meeting to end early.
Some companies have gone back to a 'hybrid' format under pressure from shareholders.
They include Marks & Spencer, which was accused of being 'arrogant' and setting 'an appalling precedent' after trying to make its meeting online-only.
Informa said it 'would expect to return' to London for next year's AGM.
