Selecting venue for AGMs
Tuesday, 15 July 2008
NOWADAYS share business in Bangladesh is all the craze. Those who are aware prefer to invest in the capital market as return on investment in shares is more than that from the deposits kept in the banks. All the shareholders have the right to know the fundamentals of the companies in which they invest their hard-earned savings in. The Annual Report is the main source to know the financial position of a company. If any shortfall in business is found in the annual report, then shareholders come up with their suggestion to the management for rectification of the same in the Annual General Meeting (AGM). Valuable suggestions are also offered for improvement of business and profitability of their companies. So, AGM is an important event for any public limited company.
Unfortunately, most of the companies select the venue for AGMs in backward places where general shareholders, who have no private car, cannot attend and place their views for improvement in the position of the company. It is rumoured that some companies even hire a group of unscrupulous persons during AGM who appreciate everything about company performance without ever criticizing its shortcomings. Such kinds of weak companies are not ready to face any question from the general shareholders at the AGM. So they select backward places for AGMs to avoid participation of original shareholders. The authorities like the Securities & Exchange Commission (SEC), Dhaka Stock Exchange (DSE), and Bangladesh Bank (BB) are requested not to allow these companies to arrange such venues as are beyond the reach of the general shareholders. In fact, the venue for AGM should be a suitable place where transportation facility is available. Inconvenient places like Bashundhara Convention Center (Baridhara) and BDR Darbar Hall (Pilkhana) must be avoided for AGMs. All concerned, especially the SEC, are requested to consider the issue with seriousness and bring pressure to bear on such companies to listen to reason so that they might arrange their AGMs at venues convenient for the participation of all category shareholders.
Md Moniruzzaman
Senpara
Parbata, Mirpur, Dhaka
E-mail: monir_du321@yahoo.com
Unfortunately, most of the companies select the venue for AGMs in backward places where general shareholders, who have no private car, cannot attend and place their views for improvement in the position of the company. It is rumoured that some companies even hire a group of unscrupulous persons during AGM who appreciate everything about company performance without ever criticizing its shortcomings. Such kinds of weak companies are not ready to face any question from the general shareholders at the AGM. So they select backward places for AGMs to avoid participation of original shareholders. The authorities like the Securities & Exchange Commission (SEC), Dhaka Stock Exchange (DSE), and Bangladesh Bank (BB) are requested not to allow these companies to arrange such venues as are beyond the reach of the general shareholders. In fact, the venue for AGM should be a suitable place where transportation facility is available. Inconvenient places like Bashundhara Convention Center (Baridhara) and BDR Darbar Hall (Pilkhana) must be avoided for AGMs. All concerned, especially the SEC, are requested to consider the issue with seriousness and bring pressure to bear on such companies to listen to reason so that they might arrange their AGMs at venues convenient for the participation of all category shareholders.
Md Moniruzzaman
Senpara
Parbata, Mirpur, Dhaka
E-mail: monir_du321@yahoo.com