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Technology Stocks : EMC How high can it go?
EMC 29.050.0%Sep 15 5:00 PM EST
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To: GVTucker who wrote (13074)8/28/2001 4:58:27 PM
From: Gus  Read Replies (2) of 17183
 
....It is not nonsensical to think that a corporation might attempt to disenfranchise its shareholders. The proposed law would allow this to happen.

Gimme' a break. The typical shareholder meeting is already poorly attended and tightly scripted. It usually does not yield information that a publicly traded corporation is not already required to disclose in SEC statements or REG FD statements. It certainly does not add or detract from the legal and market controls in place to prevent the disenfranchisement of shareholders. An example of market controls is the current proxy fight at CA.

...The problem is that when the question is something that management does not want to answer, they can easily ignore a question on the Internet. Then they cite Reg FD and don't answer the question ever......At least with an in-person meeting, a company has some degree of pressure to allow people to speak.

You have it backwards. It's easier for a company to evade answering questions during the very limited Q&A sessions in a shareholders meeting than over the internet where a shareholder can literally automate the process of pestering the company to respond to presumably legitimate questions.

Besides, management is just one of many sources of information.

REG FD is an entirely different matter altogether. REG FD is less than one year old and companies are still adjusting to the new disclosure requirements. For example, some companies like Xilinx and Altera tried to provide monthly updates on their website while companies like Sun provide mid-quarterly updates and preliminary quarterly estimates after the end of quarters.

....As far as the cost of an annual meeting is concerned, if a company cannot bear that cost, they shouldn't invite outsiders to own their company

And a webcast is free? The fact of the matter is that it reaches more shareholders and prospective shareholders around the world.

As I pointed out, most large corporations with more diverse shareholder populations will probably maintain both formats. Small and mid-sized companies with narrower shareholder populations will benefit the most from the webcast requirement.
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