Originally posted by Oldmarty
I too was at that meeting and TH's only public statement was that he was disappointed with the Chair stating that he and the other BOD members and the Execs were too busy with the GAP management program to concentrate on addressing the the issue of better communications with SHs and other issues raised at the meeting. TH simply said, in response to the Chair's earlier statement about spending 4 hours talking to one SH who had a very small holding in CTP, that the Chair was wasting time on unimportant issues when greater issues were more pressing. Or words to that effect.
TH's comments were were both justified and were accepted as appropriate criticism, by most of those present at the meeting. At least nobody challenged TH about his statement so it stands.
Sorry OM, I will have to disagree with you, TH only made one comment, having a go at the Chairman about spending an hour and twenty minutes with a share holder whose holding of 400 shares, believing it was a waste of time to spend so much time with such a small shareholder. I know the response from the Chairman was shock that someone would stand up in a meeting to make such a comment and I know that the people in my area did not agree with TH with comments suggesting that TH just wasted their time with such a silly comment.
All shareholders matter, a shareholder is a shareholder no matter how many shares they hold, particularly when the vote is a percentage of shareholders not shares held. Also, don't forget that if a majority of small shareholders rally together because they feel they are not being treated fairly have more voting power than major shareholders. I do recall a recent takeover attempt being rejected because a large number of shareholders decided to rally together to vote down the takeover. Just to jog your memory TH was not on the side to prevent the takeover, he put his large shareholding on the side wanting to sell.
I thought it was pleasing to hear that
all shareholders mattered to the Chairman, I do not want a board or exec who only spend their time romancing large shareholders or worse ignoring all shareholders.
