THE more active investors among us would have spent this week shuttling to and from annual general meetings (AGMs), which are still thick on the ground as today's deadline approaches.
About 230 AGMs have been scheduled for the final three days of the month and the biggest wave is saved for today.
The yearly bunching of AGMs in the final days of April occurs as most of the 767 companies listed on the Singapore Exchange (SGX) have a Dec 31 year-end, which means they must hold a shareholders' meeting within four months of that date.
But some shareholders say the clash of the AGMs is getting worse.
"The bunching has not got better. In fact, we're seeing some larger companies such as CapitaLand and StarHub moving their AGMs to the last week," said Associate Professor Mak Yuen Teen of the National University of Singapore Business School.
"Perhaps this is to suit directors, but usually we expect these things to be planned a year in advance."
Telco StarHub held its AGM on April 14 last year, but pushed it to April 28 this year. Developer CapitaLand, which held its AGM on April 25 last year, has its AGM scheduled for this morning.
"It's a bit like the tragedy of the commons. If (the issuers) are left on their own, I don't think the situation will improve at all," said active investor Chew Yi Hong, noting that a later AGM gives firms more time to complete the audit process.
Mr Chew did some running around at the Amara hotel yesterday morning, where the AGMs of tourism operator Straco Corp and integrated lifestyle group Amara Holdings overlapped.
AGMs are important for retail investors as they are probably the only time they get to meet the board and management.
"Not every issuer has a results briefing and even if they do, they may limit attendance to institutional investors and broking houses, analysts," said Mr Chew.
One gripe from shareholders who have to forgo some meetings due to clashes is that they miss out on any information that goes unreported in the meeting minutes.
While the SGX requires companies to release their minutes online before the market's pre-opening session the next day, "the legal definition of 'minutes' is, strictly speaking, just the resolutions and the (polling) decision", said Prof Mak. "Most companies just provide the legal minimum, which is meaningless."
Mr David Gerald, president and chief executive of the Securities Investors Association (Singapore), agreed. "I encourage SGX to seriously consider requiring companies to webcast their AGMs and make it possible for shareholders to electronically vote.
If companies respect shareholders as owners of the company, they must encourage participation. Shareholders must also help companies by sticking to good decorum and respecting the board and chairman."
This article was first published on Apr 30, 2015.
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