AGM - Wednesday 22nd November, page-11

I can't make this one but usually go to all my companies' AGMs.

For a small company like TNT I wouldn't expect more than 20-30 shareholders in the room (excluding the directors/management) and it'll likely go for 60-90 minutes.

Questions are usually taken during the consideration of the financial statements, the re-election of directors* and during any updates on the business (if they do one). The board will also usually hang around after the formal business so you can hit them up one on one. A good board will proactively introduce themselves to all/as many shareholders as they can.

Consider when you ask Qs - often the directors/management will be more candid if you approach them one on one and if they've gotten to know you (going year after year helps). You will also often get more meaningful answers if you ask specific questions.

e.g. instead of "what will FY18 revenue be?" you might say "I've looked at the growth in and based on the comments you've made about CyberBiz it looks likely that we could hit $Ym in revenue this year. Does this seem reasonable?"

One of the soft things I also look for is whether the board/management respects shareholders. I have been in AGMs where the Chairman (and majority shareholder) showed active disdain towards shareholders, actually stopping them from asking (very reasonable) questions. On the opposite end of the spectrum a good Chairman/board will be respectful towards all shareholders and their questions.

IMO this gives a decent indication of how experienced the directors are, and how seriously they take their roles.

*- expect any director up for re-election to give a short introduction as to their background and relevant experience, and tell shareholders why they should be elected. It may well be a foregone conclusion that they will be elected but they should show enough respect to tell you why they belong on the board.

I would love to know what the TNT board is like in this respect.