Preferred meeting formats
In the second half of 2021, companies held an average of 79 virtual meetings and six in-person meetings with investors. Combined, this is just four more meetings than the average number held in the second half of 2019, before the pandemic hit. In terms of volume of meetings, this indicates that the virtual format has adequately covered the loss of in-person opportunities caused by the pandemic.
Regionally, most meetings, both virtual and in person, were held by European companies. The fewest meetings were held by Asian companies, which is also the only region to hold fewer total meetings in H2 2021 than in H2 2019.
The number of virtual meetings held with investors increases with company size. Small-cap companies held fewer meetings in H2 2021 than H2 2019, while mega-cap companies held more than 50 percent more meetings in H2 2021 than they did in the second half of 2019.
Slightly more investors are more likely to take a meeting if it is in person rather than virtual. While just over a third say that it makes no difference, 35 percent say they are more likely to take an in-person meeting, compared with 31 percent that are more likely to take a virtual meeting.
There is a difference of preferences between the sell side and the buy side. On the sell side, four in 10 are more likely to take an in-person meeting, while a quarter would be more likely to take a virtual meeting. Among buy-side respondents, the situation is reversed, with four in 10 more readily taking virtual meetings and just under a third more likely to take meetings in person.
Investors in Europe and Asia are more likely to take in-person meetings, but North American investors are more likely to take a virtual meeting.
Investors are clearly more engaged with companies in person than in virtual meetings. When asked whether the format affects how engaged they are with meeting the company, nearly six in 10 say they are more engaged with in-person meetings, compared with just 8 percent that say they are more engaged with virtual and just under a third saying it makes no difference.
While greater engagement with companies during in-person meetings is a clear factor across roles and regions, there are some differences. The sell side is engaged with in-person meetings to a larger degree than the buy side, and there appears to be a greater level of indifference among North American investors than is seen in Europe or Asia.
