Danish shipping giant AP Moller-Maersk is reducing attendance at its annual general meeting next month, while compatriot ro-ro company DFDS has called its own gathering off in the face of coronavirus.
The companies were responding to government guidance that no events involving more than 100 people should be held, as it seeks to contain the Covid-19 outbreak.
The meeting is a crucial one for Maersk, because the top brass was due to come under intense scrutiny from shareholders including big pension funds over levels of executive pay.
The 23 March date is unchanged, but it will be moved to a smaller venue in the Esplanaden area of Copenhagen, where only a small number of people will be allowed in, the company said.
It will not now be held at the Opera House, which has been closed.
Chairman to face the music
Digital coverage is being expanded, while only chairman Jim Hagemann Snabe will represent the management.
He is due to comment on the controversy surrounding his pay packet, after executive salary levels were revealed for the first time last month.
Pension funds have been querying the DKK 7m ($1.01m) he banked in 2019.
The gap to the next best paid Danish director, Novo Norisk chairman Helge Lund, is nearly DKK 4m.
"It is an unusual amount, and of course it will be part of our dialogue with the company," pension fund ATP Group shareholder Claus Wiinblad told the Borsen newspaper.
"The government/parliament has banned assembly with more than 100 participants."
Usually a big gathering
Maersk's annual meeting typically draws more participants tan that, he said, so the company had to make changes to respect the ban.
"The company's major shareholders have submitted letter votes and proxies in support of the proposals made by the board of directors, and we are therefore able to legally conduct a general meeting with very few or no participants present in the hall," Maersk told investors.
"This decision has also been taken to ensure the company's daily operations by reducing the risk of infection by the company's employees, management and board of directors."
The company said that, in line with authorities's guidelines, that people use the extended digital access to the meeting.
"We therefore hope to be able to protect you and our other shareholders," the company said.
DFDS meeting off
Meanwhile, DFDS's meeting scheduled for 18 March has been pulled.
"The annual general meeting is a cornerstone in the dialogue with our shareholders. Under the current circumstances, the attendance from both institutional and private shareholders next week will most likely be very limited," the ferry owner said.
"Therefore, we are rescheduling the annual general meeting in the hope that it can be held under more normal circumstances before the end of April."
The country has been shutting down as a response to the coronavirus this week.
Shipowners' organisation Danish Shipping confirmed on Thursday that an employee had contracted the virus and was being quarantined at home.
