As companies revamp annual meeting formats in light of the Covid-19 pandemic, investors and governance experts are warning boards that if investors perceive that the shift to virtual meetings is limiting shareholder rights, they will retaliate next year.

According to a review of SEC filings by S&P 500 companies by public company intelligence provider MyLogIQ, as of April 27, 260 S&P 500 companies had disclosed plans to switch to virtual meetings, and more will likely do so, sources say. However, investors say some companies are not allowing proponents to present their own proposals at meetings, limiting shareholder question-and-answer sessions and building in other mechanisms that give companies more control over the meeting, to investors’ ire.

In fact, some sources say investors may vote against board directors or other management recommendations during next year’s proxy season if companies limit rights this year. Accordingly, directors should ensure that they are available in the meetings and that management is allowing time for shareholders to raise concerns and explain proposals, sources say.