It’s proxy season—that time of year when most public companies schedule their annual meetings and issue annual reports. And like most events, these gatherings are likely to be altered by the pandemic.
Interpublic Group is the first of the major holding groups to schedule its annual meeting. For now it’s set to be held live in New York on May 21.
But in a letter to shareholders accompanying the release of this year’s proxy materials the company wrote that it may hold a virtual annual meeting instead, given the ongoing COVID-19 crisis.
The decision will be announced “as soon as practicable,” the company said. If it does opt for the virtual meeting it will take place at the same time and day as the live event is now scheduled and would be conducted via live audio webcast.
One shareholder proposal is recorded in the proxy materials-to enable special meetings if holders of 10% of the company’s outstanding common stock want to convene one. The company is on the record opposing passage, noting the bylaws already provide for such meetings if holders of 25% of the shares demand it.
The three most highly compensated executives at the company in 2019 were CEO Michael Roth ($16.5 million), COO Philippe Krakowsky ($8.5 million) and former CFO Frank Mergenthaler ($5.9 million) who left at the end of the year.