Euronext Securities teams expertly facilitated over 475 Annual General Meetings (AGMs) in this year’s AGM season, fostering unparalleled shareholder engagement. As the year reaches its end, we now turn our gaze towards the 2024 season. In 2023, we showcased seamless transitions between traditional in-person, virtual, and hybrid meetings. But what does 2024 bring? And are you ready?

Predicting the success of Virtual AGMs

One pivotal factor favouring virtual AGMs, or VGMs (Virtual General Meetings) has emerged from the 2023 season – accessibility for all. Virtual meetings ensure that investors worldwide have equal opportunities for attendance and participation.

For companies considering a physical AGM, cultural and company-specific factors may play a significant role. Some companies view the AGM as a vital marketing and branding opportunity, especially in the Nordic region, where AGMs foster a robust local investor culture. The personal touch and community celebration aspect of in-person AGMs can be challenging to replicate in a digital setting.

Preparations for the 2024 season

As the next AGM season approaches, our local teams are diligently gearing up to ensure seamless and successful events for every one of our clients. Recognising the evolving landscape of meetings in the post-pandemic era, our teams are proactively engaging with clients to understand their preferences for 2024, and their expectations, as well as the nature of their audience. These preparatory meetings serve as a collaborative platform where our teams and clients synergise their efforts to create a tailored AGM experience.

Navigating the path to sustainable General Meetings

Amidst the dynamic landscape of evolving AGM formats, it is imperative to incorporate considerations for Environmental, Social, and Governance (ESG) factors as we envision the 2024 AGM season. We expect Virtual General Meetings (VGMs) to be very successful, driven by accessibility benefits that resonate with a younger, tech-savvy demographic. This aligns seamlessly with the ongoing demographic shift in share ownership.

In navigating this divide, Euronext Securities experts often advocate for Hybrid AGMs as the optimal solution, emphasising the flexibility they afford to both companies and investors. Hybrid AGMs allow professional investors to attend virtually, overcoming geographical constraints, while companies can continue to maintain close connections with local investors who attend in person.

Embracing changes in the legislation

The 2023 AGM season marked the first wave of changes to Danish legislation regarding proxy voting, eliminating the need for a power of attorney for voting rights. This shift contributed to a significant increase in valid voting instructions. With the implementation of the Shareholder Rights Directive II (SRD II) in Norway we expect to see the same increase in 2024 for Norwegian AGMs. Meanwhile in Italy, regulatory changes prompted by the pandemic allowed for the appointment of Designated Shareholder Representatives. In all these matters, Euronext Securities, with its value-added solutions, acts as an intermediary, ensuring transparency, compliance, and expert guidance on corporate governance matters.

For more information on Euronext Securities' general meeting services, contact your local team.

Q3-2023 is a strong quarter in terms of volume, pulled by the Euronext Wheat and Rapeseed Futures because of hedging Eastern Europe and Australia origins.



We are also returning volumes from legacy commercial clients facing an increased uncertainty over production forecasts in the main producing areas.



The geopolitical situation in the Black Sea region during the summer which was marked by the end of the grain deal corridor, attacks on storages and export facilities in the Ukrainian Danube, and inflationist pressure resulted in higher volatility on the markets.



In Q3-2023, we saw +14% in total volume vs Q2-2023, and +13% vs Q3-2022 led by Euronext Wheat (+19% EBM) and Rapeseed Futures (+28% for ECO).

The Euronext Commodities team

 

Monthly Euronext Euronext ADV and OI per contract

Source: Euronext Group

Update of the ongoing consultation on Euronext Corn

The survey we are running on our Corn Futures contract is in progress. Our main objective is to decide on potential changes to the contract or functionality to attract new market players to further its traction and expand its liquidity.

So far, we received more than 70 answers, split between Cash / Futures traders and brokers, and other players from the agricultural commodities ecosystem.

A summary of the results will be sent by the end of the year.

Latest news about the Durum Wheat contract

Several trades have been made on different maturities. The September maturity settled at €400.50 per ton.

The evolution of the Sitagri European Durum Wheat Index (SEDWI) is available on the Euronext website and its weekly average provided by FinanceAgri is published every Monday.

For more information, visit the Durum Wheat webpage

Reminder of the trading fees waiver for commodities options executed in the Central Order Book

To accelerate liquidity building in the commodity options markets, we introduced on 1 July 2023 a trading fee holiday for options executed in the Central Order Book (COB).

The principal purpose is to increase liquidity on screen and to improve transparency in the markets to a wider group of market players and generate new volumes. 

To benefit from the rebate, do not hesitate to contact your intermediary.

 

Euronext Iron Condor with and without Delta

On 1 November, we activated two new strategy types in our Next EUA (p-EUA) test environment for commodity options for trading via the Central Order Book (COB), wholesale and RFC: Iron Condor (Optiq strategy code ‘w’) and Iron Condor versus Underlying (Optiq strategy code ‘v’).

These new strategy types were activated in our production environment on Monday 13 November.



A full overview of the recognised strategies that are available in Optiq can be found in Annexe II to our trading procedures.

Available on the Euronext website

A second version of the Commitments of Traders (COT) report is available on our website. It includes historical graphs, making it easier to read and understand.

Access the additional COT report

Get key insights on the agricultural commodity markets and follow the latest trends via the Commodities Insights articles, made by Euronext and industry experts, as well as access the Euronext Commodities latest newsletters on our website.Access the latest articles and newsletters

The Commodities team at events

During Q3-2023, we took part in several events such as the Bourse décentralisée in Saint-Malo and the European Commodities Exchange, as well as the Semouliers Annual Conference, both in Warsaw.



These events were great opportunities to meet experts from the European agricultural industry.

Find out more

See all our MATIF Commodities contracts on the Euronext Live Markets website.

Contact our team:  commodities@euronext.com