Horrible idea.
In-person shareholder meetings serve multiple purposes beyond just allowing stockholders to ask questions of leadership (which, of course, can be done online). They're also a way to put a human face on leadership, and a pep rally to make stockholders feel as though they're a part of something big.
I agree with United States Proxy Exchange; regardless of what a company's true motives are, completely removing the in-person makes it appear that leadership doesn't want to face shareholders.
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