Shareholder woes over AGM meetings
View(s):Sri Lanka’s annual reports season has arrived and once again most, small shareholders, will be scurrying from one annual general meeting (AGM) to another as several meetings are being held on the same day, and at the same time; 9.30-10 am.
Not unusual, as this situation has happened in the past, shareholders, particularly small minority investors, have complained to the authorities (Colombo Stock Exchange) saying they are unable to attend these meetings being held simultaneously, and need to be there to raise issues. Companies on the other hand argue that these shareholders attend only for the post-meeting tea party and short-eats. The dispute has never been resolved.
Over a 10-day period (excluding the weekends) more than 35 companies are holding their AGMs. Among them are:
March 27 – HNB Assurance, AIA Insurance Lanka, Asian Alliance Insurance, Singer (Sri Lanka), Regnis (Lanka) and Singer Industries (Ceylon): March 28 – HNB, NDB, Janashakthi Insurance, Finlays Colombo, Kelani Valley Plantations: March 31 – Union Assurance, Sampath Bank, NDB Capital Holdings, Seylan Bank, Ceylinco Insurance, Nations Trust Bank, Pan Asia Bank, Union Bank, Commercial Bank, Seylan Developments, Talawakelle Tea Estates: April 1 – E. B. Creasy: April 2 – CTC, Bogala Graphite, Chevron Lubricants Lanka: April 4 – Lankem Ceylon, Beruwala Walk Inn: April 9 – SriLanka Telecom, Kuruwita Textile Mills.