Bellway AGM for Early Risers Only

Should Annual General Meetings of companies be held at reasonably convenient locations and on convenient dates and times so that as many shareholders as possible can attend? Most private shareholders certainly think so. But Bellway (BWY) seem to be taking the opposite approach.

Their 2016 AGM was at the very sensible and easily achievable time of 2pm in the afternoon so all shareholders hoping to attend could actually meet the directors and ask questions. They could travel from all over the country and even have time for lunch!

But this year’s AGM kicks off at 8.30 am on Wednesday 12 December 2018 at Jesmond Dene House Hotel, Jesmond Dene, Newcastle upon Tyne NE2 2EY.

So what changed….Do directors at Bellway not want shareholders any more….maybe the huge remuneration at housebuilders and recent furore at Persimmon has made directors devise cunning plans to avoid awkward questions and attention from the media.

This anti-shareholder mindset seemed to set in last year with an early morning start at 9.30 am in Newcastle but still six shareholders made it through the doors. That must have been too many for the directors because this year they have moved it even earlier. They have moved it closer to breakfast for those who like to vote whilst eating their cornflakes.

Here’s hoping that the 2019 AGM is not held at 7.30am and that at least one shareholder will make it through the early morning fog on the Tyne !!

But it is simply not acceptable for boards to take this approach. There are too few shareholders attend AGMs already without deliberately making it difficult for them. I suggest that perhaps the UK Corporate Governance Code should be modified to include coverage of when and where AGMs should be held and other aspects of how they are run (such as the answering of questions which I covered in a previous article).

Thanks to David Stredder for notes on the above events.

Roger Lawson (Twitter: https://twitter.com/RogerWLawson )

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