ANTHONY CLARK: Hats off to Bowler Metcalf
A company’s annual general meeting can be the source of valuable information
I often use this column as a means to enlighten investors, especially small investors, about the wealth of readily available information on the JSE small-to mid-cap stocks — if you know where to look.What is often not realised is the importance of a company’s annual general meeting (AGM). I find these invaluable, and I attend dozens of AGMs a year either physically, or, these days, virtually.It is an annual opportunity to engage with the board, ask questions and quiz management about performance or any other pertinent issue.For small-cap stocks, where information for the private investor is scant, the AGM and the freely available annual report are invaluable tools for speaking to the board and so to understand a company’s prospects better.Lately, the hot topics related to executive remuneration and management shareholding (or lack of it) in the companies that these people are paid handsomely to run for shareholders — but in which they personally own very little stock. It’s all about...
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