Small shareholders complain of AGM date clashes
View(s):Small shareholders in many listed companies have complained that many of these firms hold their Annual General Meetings on the same day – sometimes starting at the same time, making it impossible for them to attend most AGMs.
“On Friday there were 28 AGMs and I own shares in nine of these,” a frustrated small shareholder told the Business Times. He added that some 18 AGMs started between 9 am to noon on Friday. On Thursday, there were 10 AGMs, Wednesday – seven and Tuesday – four.
Most minority shareholders say that the Securities and Exchange Commission (SEC) should look into this. “We cannot micro manage listed firms and it is their prerogative to hold their AGMs any day that they wish to provided they are within the stipulated time frame set by the Colombo Stock Exchange (CSE),” a SEC official told the Business Times.
There’s another section which say that minority shareholders don’t attend AGMs to ask anything ‘valid’ from the management. “They are there for the short-eats and the giveaways,” a company director said. In this context most managements of public firms don’t heed their pleas pertaining to times and dates of AGMs.
Follow @timesonlinelk
comments powered by Disqus