I think a few things have been missed in this thread. The key thing is that a company AGM is a legal requirement which is rather formulaic, and unless something has gone very wrong, boring. It’s just about the last place where one might engage new users.
The OSM Foundation is a company incorporated in England and therefore subject to the Company Law of England and Wales. AGMs are a necessary formality of these laws. Normally every non-profit organisation I have belonged to over the past 50 years has treated them as such. Most usually have the AGM as part of a more interesting meeting (as OSMF did until 2015), not least because the usually last under half an hour. There is no scope for asynchronous involvement as suggested by @nukeador, because of the legal basis of the meeting.
They are not really an occasion for carrying out normal business, and in effect there are usually 3 main items: board’s report, treasurer’s report and the election of directors.
Typically, the first two items are passed by members without a vote (nem comm). Ideally, the reports would be available a week or so before the meeting.
Obviously, OSMF has a sophisticated method of electing officers and in the main time in the OSMF AGM is spent waiting for the results.
Sometimes there are resolutions affecting the Articles of Association (AoA). So far with OSMF these have been discussed up front and voted on prior to the AGM, so there is little scope for discussion.
I think other items for the agenda actually have to proposed quite some time before the meeting happens according to the AoA, so this also limits any scope for broader discussion. The one thing I would like to see added as a regular item is a “Vote of Thanks” for the Officers, Directors, Working Group members etc.
A further complication is that the first two items relate to the previous financial year, so this year these cover events which happened nearly a year ago. I think there is a case for OSMF to return the AGM to mid-Summer, as it’s very confusing approving accounts which are nearly a year old. Usually, the treasurer has reported financial data for the current financial year, but technically this is out of the scope of the meeting.
Given the meeting is entirely virtual it is important that attendance by any member is as easy as possible, and that who has attended the meeting is recorded. IRC might not be very glamorous, or cool, but it enables attendance with the minimum of technology and bandwidth.