Cost-cutting at AGMs: we may not have seen the worst yet

I REFER to "An investor gripes about the Annual Giam-siap Meeting" (BT, April 16-17) which has pretty well covered the more common gripes of tens of thousands of active retail investors.

But we may not have seen the worst yet - such as how companies will cope with tens of thousands new investors turning up for AGMs (annual general meetings) now that the board lot has been reduced to 100 shares and if and when CPF (Central Provident Fund) investors can turn up in their own right without getting a proxy. Ditto for SGX-listed (Singapore Exchange-listed) companies incorporated in Bermuda, etc.

Just how many investors here are aware that a few years ago Singapore Airlines Ltd (SIA) decided not to produce and distribute printed copies of its annual report (AR).

I challenged this decision at its AGM that year and was told I could see the AR on the company's website. I asked whether SIA would be prepared to defray the high cost of printing ink if it expected me to print a copy for easy cross reference.

There was no offer.

After I had my say, a friend took the mike as usual to raise questions on the AR and was, as expected, asked which page he was referring to. Of course, since no printed AR was available at the meeting he could not give the page number and added he had read the AR online but had not brought his computer to the AGM!

As if that was not enough to drop the idea of abolishing the distribution of printed AR, another shareholder stood up to complain that when he asked for a copy of the AR at the registration desk since none had been sent, he was told there were copies on the seats in the meeting hall! Communication breakdown?

As an anecdote to the BT article I referred to, I recognise the company whose name starts with S and ends with G which enclosed a little coloured note with its notice of the AGM.

I was floored when I read the contents since this type of notice is usually found with notice of AGMs at remote venues such as Tuas and advises time and location of shuttle buses from pick-up points at MRT stations. These companies deserve our thanks for their consideration.

Denis Distant