Listed firms save millions in electronic investor relations

RTGS, for instance, settles transactions in under 20 minutes if the payment is being made to an account within the same bank and two hours for inter-bank transactions.

Listed firms are also cutting down on goodies during AGMs to reduce costs.

Safaricom has, for instance, adopted a no-frills stance and stopped publishing its annual reports, instead providing it online on its website.

The telecoms operator says it would have spent close to Sh240 million printing annual reports and posting them to 829,000 shareholders.

The company has also cut down on branded giveaways and food-related expenses, a move that is estimated to have saved it over Sh350 million, bringing the total cost of hosting the AGM to just  Sh20 million.

“We expect a reduced attendance of 3,000 shareholders and in stride with our no-frills AGM policy, Safaricom will not provide transport to the venue, lunch, and give-aways,” Mr Baillie told a press briefing in July ahead of its next AGM in September at the Bomas of Kenya.