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What did we learn from the AGM?
BBC sports news correspondent Richard Conway
1. Arsenal's small shareholders are deeply unhappy with their board and staged a protest vote by trying to block Keswick and Josh Kroenke being reappointed. It was always going to be futile given Stan Kroenke's overwhelming majority stake of 67% - but those in the room clearly thought it important to send a message.
2. The tendency of Arsenal's board to address shareholders using business terminology is not going to win hearts and minds. See Gazidis' "series of objective metrics" quote mentioned above. That is unlikely to wash with many fans given the failure to qualify for the Champions League this season.
3. Keswick is arguably driving a wedge between the board and fans. He was faced with a hostile but respectful audience, many of whom had legitimate questions to ask. But instead of listening and trying to provide answers, Keswick relied on an arrogant and dismissive approach. Gazidis spoke earlier in the meeting of the many good things Keswick has done for Arsenal, but he is a man arguably unsuited to face shareholders and fans. The boos at the end of the meeting said it all. He is making matters worse for the club, not better.
4. "Silent Stan" is living up to his reputation. While Keswick at least stood ready to speak, the man sat two places to his left did not utter a word. Stan Kroenke may be the billionaire majority shareholder but he wasn't going to share his vision for the future with the AGM. He sat, in silence, throughout. Heckles from the floor urged him to talk but it was Keswick who was left to answer, telling the questioner to read The Daily Telegraph. Kroenke and his son had, of course, given an interview to the paper. Many shareholding fans will find that unacceptable.
5. Wenger retains significant support among the fans. He may have a sizeable core of supporters who feel he should depart, but his passionate speech at the AGM went down well, receiving thunderous applause at its conclusion. "My hunger, my commitment is bigger than ever," he said. And what is clearer than ever is that he, and not the board or the fans, will choose the moment to step aside.
