Everything about the #JSEZED AGM held on 17 July is what gives #virtualagm shareholder meetings a bad name – tinyurl.com/y2lp2zcx.
Ann Crotty believes that “fully-virtual AGMs should be prohibited as soon as the Covid-19 lockdown is safely lifted.”
The meeting lasted for 27 minutes only after chairman Chris Otto summarily closed and unplugged the meeting.
A number of shareholders were informed that they may not attend the AGM; shareholders could not vote on resolutions; questions had to be submitted beforehand and were moderated and at the option of the board, either not responded to or only done so in general terms.
The board failed to comply with the requirement of the Companies Act that all participants must be able to communicate concurrently with one another without involving an intermediary. It also failed to allow enough time for questions and more importantly, to allow shareholders to vote.
The conduct at this meeting is unbecoming of JSE-listed issuers. The Mouton family should hang their heads in shame.