“Given that in-person annual meetings are the only time during the year when shareholders can meet and exchange with the members of the board of directors and senior management on the issues of the company, it is of primary importance that this dialogue be preserved and be the subject of encouragement, given the benefits it provides. We will allow ourselves to enumerate a few of them. 1. Governance is stronger when executives are present and dialogue with their shareholders According to a study4 by Miriam Schwartz-Ziv (Hebrew University of Jerusalem), 100% virtual meetings: • reduce the duration of exchanges, • include fewer questions from shareholders, • offer less response time by executives. In person, relational dynamics—looks, tone, physical presence—create a stronger environment of accountability and limit the perception of filtering or excessive control. 2. The hybrid format stimulates shareholder engagement Broadridge5 studies show that virtual platforms increase participation but the content of online exchanges often remains superficial. The hybrid format allows all types of shareholders to participate fully: • institutional investors can intervene in a structured manner in the room, • retail shareholders can vote and ask questions remotely. • It is an inclusive and balanced model. 3. Avoiding criticism regarding transparency An exclusively virtual format can raise suspicions of opacity: filtering of questions, pre-written responses, absence of real debate. Maintaining a physical meeting strengthens confidence in the democratic process and protects the company’s reputation. 4. Not a question of cost, but of governance Maintaining an in-person format does not require large public events. A modest venue with video capture is sufficient, and webcasting tools are already in place. The benefits in terms of governance and perception largely outweigh the modest logistical costs. This proposal received the support of more than 56% of the votes at the last annual meeting.” 4How Shifting from In-Person to Virtual Shareholder Meetings Affects Shareholders’ Voice, Miriam Schwartz-Ziv, Harvard Law School Forum on Corporate Governance, 2020-08-18 https://corpgov.law.harvard.edu/2020/08/18/how-shifting-from-in-person-to-virtual shareholder-meetings-affects-shareholdersvoice/ 5 In Baseball And Corporate Proxy, Change Can Be A Home Run, Chris Perry talks about the upcoming 2024 proxy season. Chris Perry, président de Broadridge financial Solutions, Forbes, 2024-03-14 https://www.broadridge.com/article/bbd/in-baseball-and corporate-proxy-change-can-be-a-home-run 2024 Canadian Proxy Statistics https://www.broadridge.com/_assets/pdf/broadridge-2024-canadianproxy-statistics.pdf