Corporate action events
MEET: Annual General Meeting
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MEET announces a company’s annual general meeting to its shareholders. Taking part is voluntary: holders who want to vote send instructions before the deadline. In ISO 20022, meetings are not announced in seev.031 but in the seev.001 meeting notification.
- Code
- MEET
- Usually announced as
- VOLU
What MEET means
Listed companies hold an annual general meeting (AGM) to approve accounts, dividends and board appointments. MEET is the event code the account servicer uses in the MT564 to pass the meeting details down the custody chain: date and place, record date, agenda, and how and by when to vote.
In the MT564 the voting choices are options in sequence E. The MT564 option code list includes, among others, CONY (consent granted, a vote for), CONN (consent denied), ABST (abstain), MNGT and AMGT (vote with or against management), PROX (proxy card), SPLI (split instruction) and NOAC (no action).
In ISO 20022 the event code lists of seev.031 do not contain MEET, OMET or XMET (checked from seev.031.001.08 to .16). Meetings use the proxy voting messages seev.001 to seev.008: seev.001 Meeting Notification, seev.004 Meeting Instruction, seev.006 status, seev.007 vote execution confirmation and seev.008 results. The European SCoRE rulebook uses that set. In seev.001.001.13 an annual or ordinary meeting is sent with meeting type GMET.
When you see it
- In an MT564 with
:22F::CAMV//VOLU, often with a long narrative or an MT568 carrying the agenda. Key dates: meeting date (:98a::MEET), record date, response deadline (:98a::RDDT) and market deadline (:98a::MKDT); the place is in:94E::MEET. - MEET vs OMET vs XMET: MEET is the annual meeting, OMET an ordinary general meeting, XMET an extraordinary or special meeting called for a specific decision (a merger, a capital increase). BMET is a bondholder meeting and CMET a court meeting.
- Some market infrastructures send meetings as OTHR in their seev.031 feeds: the SGX ISO 20022 guide, for example, lists the AGM and the extraordinary meeting as OTHR with VOLU.
What to do next
- Decide whether to vote, usually through the client’s or fund’s voting policy. Send the votes in an MT565 (or seev.004) before the account servicer’s response deadline, which is earlier than the issuer’s deadline.
- Check whether shares must be blocked until the meeting: some markets require it and the notification then shows a blocking period. Blocked shares cannot settle a sale.
- Track the instruction status in the MT567 and keep evidence of the vote for stewardship reporting.
Where it appears in MT and ISO 20022
MT (ISO 15022)
- MT564 sequence A (GENL),
:22F::CAEV//MEETwith:22F::CAMV//VOLU - MT564 sequence D,
:98a::MEET(meeting date) and:94E::MEET(meeting place); sequence E, voting options in:22F::CAOP - MT565 sequence A,
:22F::CAEV//MEETfor the voting instruction
MX (ISO 20022)
- Not in the event type code list of seev.031 (
CorpActnGnlInf/EvtTp/Cd, checked in seev.031.001.08 to .16). A proprietary code inEvtTp/Prtryis the only way to carry it there - ISO 20022 meetings: seev.001 Meeting Notification,
Mtg/Tp=GMET(seev.001.001.13 meeting types: GMET, XMET, MIXD, SPCL, BMET, CMET); votes in seev.004
Questions
- What is the difference between MEET, OMET and XMET?
- All three are shareholder meetings. MEET is the annual general meeting, OMET an ordinary general meeting and XMET an extraordinary or special general meeting, called outside the annual cycle to approve a specific decision such as a merger or a capital increase.
- Why can I not find MEET in seev.031?
- Because ISO 20022 handles meetings in separate proxy voting messages. The event code list of seev.031 has no MEET, OMET or XMET; the meeting is announced in seev.001 (Meeting Notification) with a meeting type such as
GMETorXMET, and votes go in seev.004.