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MSWG Weekly Newsletter 12 April 2019 (English)

MESSAGE FROM THE CEO

Shareholder Activism…Of Flying Chairs, Crass Language and Songs

We came across a short clip, on Facebook, purportedly taken at the AGM of Stone Master Corporation Bhd. An irate shareholder was seen berating and venting aggressively his frustrations at the Board. And he has every reason to be upset as the share is suspended at a last done price of 3 sen per share. The irate shareholder, who was seated in the first row, then proceeded to throw the chairs in the front row on to the ground. The clip showed four chairs being thrown. The Chairman then stated that he was adjourning the AGM. Some shareholders in the background protested vehemently stating that the AGM should not be adjourned, and if necessary, they should get someone else to chair the meeting. The Chairman then proceeded to leave the dais stating that he was resigning. The short clip ended.

There should be a certain level of decorum when shareholders engage with board members at general meetings. Losing money on a share investment is unpleasant. Losing a lot of money is even more unpalatable. We can disagree without being disagreeable. There is no room for violent acts, including damage to property or putting someone in fear of physical harm, at a general meeting…such acts are tantamount to criminal wrong. There is no place for such behaviour at general meetings....