There is a very good article on the benefits of attending Annual General Meetings of companies in the Investors Chronicle – see https://www.investorschronicle.co.uk/content/fd80e2d6-d2b2-4f56-a0ee-8be30d818d99 . I always try to attend them although being now less mobile I can only do so if companies provide for on-line attendance (via a “hybrid” meeting).
It is preferable if you can attend in person as you can learn more that way. Even if you are in a nominee account you should be able to obtain a letter authorizing attendance.
I wrote an article for ShareSoc when I was Chairman that spells out how General Meetings should be run. It still makes for good reading – see https://www.sharesoc.org/How_To_Run_General_Meetings.pdf . It is not just guidance for company directors but also worth reading for shareholders planning to attend such meetings.
This is what I said in my book “Business Perspective Investing” on attending AGMs at investment trusts:
AGMs – Are They Well Run? Good investment trusts have well attended Annual General Meetings with an informative presentation from the fund manager. Few open-ended funds have meetings for investors but Fundsmith Equity Fund is one commendable exception. How the Chairman handles the meeting, and their willingness to answer extended questions can also provide an indication of their competence”. I also said on general companies: “A good indication of how much attention a board of directors takes to the interests of minority shareholders is the conduct of the Annual General Meeting” and “As with politicians, some company directors are experts in avoiding responding to straight questions with simple answers. Investing in companies where the CEO or Chairman is of that ilk should be avoided”. See page 71 of the book.
This is what is said in the IC article: “Those who already see the value of going to AGMs like to hear what the directors have to say, especially about strategy and the future. They can also share views about the company with other investors, and maybe have a quiet word with a director or two. No secrets will be spilled, but sometimes those casual chats can give unexpected insights into the business. Body language can speak louder than words”. I very much agree with those comments.
World Kidney Day
I was reminded via an email that today is World Kidney Day. This is aimed at promoting awareness of kidney disease (many people are not aware they have it when early treatment is preferable). See https://www.worldkidneyday.co.uk/ for more information. It gives a list of possible symptoms and a simple blood test or urine dipstick test can confirm if your kidneys are functioning well or not.
Roger Lawson (Twitter: https://x.com/RogerWLawson )
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