SMRT

[kazukirai]

Jul 12, 2011
First class AGM, first class hotel, but third class investor behaviour

The AGM was well-chaired and professionally conducted but the conduct of some investors was appalling.

Aha, I was expecting to see the news on the application for fare adjustment and not the letter above. Still, it was good for a laugh.

[Musicwhiz]

Aha, I was expecting to see the news on the application for fare adjustment and not the letter above. Still, it was good for a laugh.

Yeah, but luckily for Kingsmen AGM the shareholders were prevented from rushing for the food cos the food was located outside the room! Anyway they were generally more polite and did not "dabao" copious amounts of the buffet into plastic boxes. It's really appalling cos I've seen it at other AGMs like Ezra for example.

Hope I don't see this at the upcoming AGMs which I plan to attend.

[changwk]

hi,

it's sad but true. i was at SMRT's AGM 2 years ago. Looks like things have not changed 2 years later. there were people there who were more interested in the food and drinks than the more important business matters. While the AGM is still going on, i can hear ppl around me saying that it's a waste of time to discuss and ask questions. all they wanted was to eat.

after the AGM, ppl rushed to get the food. i stood there watching them and i was appalled at their behaviour. they were rushing for the food and they ate like they have not eaten in days. Ppl were packing food even though there are others who have not eaten. i felt really embarrassed for them. it's hard to imagine ppl from the 1st world country would do that.

[mikh]

to me, this reflects badly on the management as well. Like for many others, this is not the first time, and while better companies have found ways to alleviate the issue, this one has not seemed to bother.

smrt is in a govt controlled business but i keep seeing signs of poor management. This is probably one case of poor managers in a good business! And of course, i am still not convinced about how an Estates/Property person as chief, fits into a transport business. Must be that the majority shareholders also felt that SMRT does NOT have the transport business as its core area.

[wsreader]

"... there were people there who were more interested in the food and drinks than the more important business matters. ..."

It is also important to educate shareholders to ask "important business matters" questions pertinent to the business of the company.
For example, a shareholder actually asked the board to answer how the external auditors going to justify the auditors' profit to their (the auditor's) boss in view of the low auditor fee charged to smrt. Another question asked who won the 1st and 2nd prize of the best annual report since smrt won the 3rd position. Yet another asked a question related to an escalator accident which happened at a mall.
With questions like that, no wonder shareholders are more interested in the food and drinks.

[steven]

i am also SMRT investor but did not able to go this round.

[yeokiwi]

"... there were people there who were more interested in the food and drinks than the more important business matters. ..."

It is also important to educate shareholders to ask "important business matters" questions pertinent to the business of the company.
For example, a shareholder actually asked the board to answer how the external auditors going to justify the auditors' profit to their (the auditor's) boss in view of the low auditor fee charged to smrt. Another question asked who won the 1st and 2nd prize of the best annual report since smrt won the 3rd position. Yet another asked a question related to an escalator accident which happened at a mall.
With questions like that, no wonder shareholders are more interested in the food and drinks.

Although I do respect the freedom of speech, it is kind of frustrating to hear such questions being asked at AGM. I suppose most of those who asked these questions had not even bother to go through the annual report.

[Satchmo]

Are these people retirees or housewives? So silly to take leave/off just to eat free food.

I wonder if these types of behaviours happen to AGMs in other foreign countries.

[corydorus]

In Taiwan, the small investor is quite aggressive the way they question Executive performance. Not sure about food though.

The Foxconn CEO Guo can get so furious to a point that as to tell the small investor to go off and sell away their small amount of shares during their AGM in full TV recording as he is not interested to entertain them !


Cory

[Ben]

I attended every SMRT's AGM, except for this year as I have other commitments. Sad to say that most SH are there for the food instead of taking the opportunity to ask the management questions. While it is okay to enjoy the food, it is definitely a disgrace to packet it back, even before others have eaten. The way they emptied the trays of food is really amazing. Even the plain rice is not spare! These acts, accordingly to my own observation, are done by those elderly SH. I think SMRT should consider offering meal box of meal vouchers instead of buffet.