Minutes of AGM

Why can't more companies follow Qian Hu's example of preparing and posting up Minutes of AGM for all shareholders? For those who cannot attend, this serves as a good summary of what transpired!

I encourage more companies to follow their example......

(See attached)

Wow.
That's true. Minutes of AGM would be pretty handy especially for retail investors that hold a full-time day job.

Couple of questions:
- I note that Qian Hu have the full list of shareholders who attended and those who used proxies etc. Would there be some who prefer privacy?

- Would there be a need to hire an independent 3rd party? I note Qian Hu hired Boardroom to facilitate the voting process but would there be a need for an independent 3rd party to validate the minutes? (I'm guessing not since shareholders who attended could easily verify the contents)

On the whole, I think this is a good step. Any one going to email the IR dept of their respective companies to suggest? Maybe we can do a 'Value Buddies' petition and send it to a list of companies that forummers are interested in sending it to? Could also send to SIAS and ask them to publicise ir. Ahaha...might have more bargaining power that way.

You can call up the company's CompSec and request for the AGM minutes. Chapter 50 Sect 189 of the Companies Act:

Companies Act Wrote:Inspection of minute books
189. —(1) The books referred to in section 188 (1) and (3A) shall be kept by the company at the registered office or the principal place of business in Singapore of the company, and shall be open to the inspection of any member without charge.
[5/2004]
(2) Any member shall be entitled to be furnished within 14 days after he has made a request in writing in that behalf to the company with a copy of any minutes specified in section 188 (1) or (3A) at a charge not exceeding $1 for every page thereof.

While meeting high standard is important we should not lose sight in ensuring shareholder values are consistently met.
They need to come together.

Having one but not the other, is not acceptable, as our investment requirements.
Having the order wrong doesn't make sense either. I may sound harsh but i rather so.


Cory

(16-03-2011, 06:43 PM)Musicwhiz Wrote: Why can't more companies follow Qian Hu's example of preparing and posting up Minutes of AGM for all shareholders? For those who cannot attend, this serves as a good summary of what transpired!

I encourage more companies to follow their example......

(See attached)

"Mr Chong Num Kwee commended the Company in declaring a final dividend of 0.5 cents per ordinary share one-tier tax exempt for the financial year ended 31 December 2010, considering the reduction in profit registered by the Group in FY 2010. He would like to know the steps taken by the Company to increase the capital gain derived from Qian Hu’s share as the share price had slipped from $0.16 per share in January 2010 to $0.125 per share in February 2011. Chairman thanked him for his commendation on the amount of dividend payout. As for the capital gain on Qian Hu’s share, Chairman explained that as the CEO of
Qian Hu, his duty was to run a good company with sustainable growth and profit. Neither he nor the management team could control market sentiments or any short-term share price fluctuations."

That, in my opinion, was the most impressive part. Hats off to Kenny Yap.

Wow, this is useful!
Thanks!

(16-03-2011, 11:40 PM)bluechipstamp Wrote: You can call up the company's CompSec and request for the AGM minutes. Chapter 50 Sect 189 of the Companies Act:

Companies Act Wrote:Inspection of minute books
189. —(1) The books referred to in section 188 (1) and (3A) shall be kept by the company at the registered office or the principal place of business in Singapore of the company, and shall be open to the inspection of any member without charge.
[5/2004]
(2) Any member shall be entitled to be furnished within 14 days after he has made a request in writing in that behalf to the company with a copy of any minutes specified in section 188 (1) or (3A) at a charge not exceeding $1 for every page thereof.

I like kenny yap's straight-talking style ever since i watched one of his taped AGMs. Only question is, is the ornamental fish business that good a business to invest in? Many risks involved, some of which are hard to manage. That's what's holding me back from being vested with QH...

(17-03-2011, 06:57 PM)kazukirai Wrote: Wow, this is useful!

The devil is in the details. Some minutes do not have the "chit chat" that took place over the meeting proper. A lengthy discussion can be "edited" to summary. One company I know took almost 4 months (!!!) to prepare the final version. Yet another company mailed me the minutes in an A4 envelop. There's definitely diversity here.

(17-03-2011, 10:51 PM)cif5000 Wrote:

(17-03-2011, 06:57 PM)kazukirai Wrote: Wow, this is useful!

The devil is in the details. Some minutes do not have the "chit chat" that took place over the meeting proper. A lengthy discussion can be "edited" to summary. One company I know took almost 4 months (!!!) to prepare the final version. Yet another company mailed me the minutes in an A4 envelop. There's definitely diversity here.

I have inspected quite a few minute books, you are right, most do not contain the level of details that's seen in qianhu's announcement. most are quite skimpy on details, in fact.

I think Kenny Yap really regards shareholders as stakeholders.

Just thinking out loud. not vested.