Buffett-style AGMs for Telkom

[AdLo]

http://www.fin24.co.za/articles/com...px?Nav=ns&lvl2=comp&ArticleID=1518-24_2018176

Some retail shareholders in Telkom on Friday openly protested against the box-ticking nature of the annual general meeting (AGM), demanding greater participation in the decision-making processes at the company.

 

[Tns]

ooo boy they don't care about anyone, not even their own shareholders!?

 

[antowan]

At the end of March, 85 432 individuals - down from 88 645 the year before - owned Telkom shares. But their entire holding accounted for just 1.73% of the shares.

Interesting.

 

[ic]

In response to Lello's concerns around share buy-backs, Advocate Michael Alachouzos - who has been fighting legal battles with Telkom over various pedantic procedural issues for some years now and interrupted the meeting on a number of occasions to place these on record again - recited the Berkshire Hathaway treatise on share buy-backs.

Pedantic??? - is it pedantic to expect that Telkodemonopolies obeys the letter of the law and maintains a Register of Members as per the Companies Act [as amended]??? - I think not - it is a reasonable expectation that Telkodemonopolies should obey the law instead of operating illegally and in contravention of the law, and shareholders should also be concerned about the non-existence of an up to date Register of Members!!!

Telkom CEO Papi Molotsane said during interval that the company would be open to re-examining that way that its AGMs were conducted: "I am a big subscriber of shareholder activism. We should allow shareholders to engage with management," Molotsane said. "It?s just a question of balance."

Actions speak louder than words, and the active attempt to silence the voices of shareholders in that AGM as well as those before it, indicates that Moletsane is lying through his teeth in that quote.

At last year's AGM, some of the small shareholders requested a greater understanding of how the share markets work, and so this year, Telkom held an education session from 8am until 1pm prior to the AGM.

And can any shareholders that attended this, please tell us what actually happened in that "education" session? - were people told to shutup & not ask questions during the AGM itself?

 

[Prometheus]

Pedantic??? - is it pedantic to expect that Telkodemonopolies obeys the letter of the law and maintains a Register of Members as per the Companies Act [as amended]??? - I think not - it is a reasonable expectation that Telkodemonopolies should obey the law instead of operating illegally and in contravention of the law, and shareholders should also be concerned about the non-existence of an up to date Register of Members!!!

Do they really need to worry about illegalities? I mean they don't have anything to lose. If they get fined they just pass on the buck to the customer and the shareholder. No one will dare to shut down the government cash cow. These guys can pretty much do what they want and get away with it.

 

[Debbie]

Big up to alacos!