Press Statement: Observation of Shareholders Behavior at AGMs

Date: April 20, 2016

For some time now, many shareholders after AGMs have given feedback to SIAS about the unhappiness over the misbehavior of a few shareholders who insist on rushing for food and packing food home; some even spill the food, bringing maids and grandchildren, not showing any regard or being mindful of other shareholders. Some chief executive officers have also contacted SIAS President to receive SIAS’ viewpoint on the aforesaid matters.

SIAS recognises, and has maintained since inception, that the voucher, gift and food served at annual general meetings are a privilege not a right of shareholders. AGMs are about the annual report and shareholders seeking accountability from the board. It is unfortunate that some shareholders have abused this privilege and tarnished the, otherwise, good standing of most shareholders.

SIAS supports companies not serving food at AGMs. Nevertheless, SIAS feels whether the company should provide food or vouchers instead, is entirely a matter for the Boards to decide and shareholders should not pressurize the board and management to provide food or freebies.

SIAS recognises that only a small minority of shareholders misbehave and have brought bad reputation to the investing community.

David Gerald
Founder, President & CEO
Securities Investors Association (Singapore)