Siebel Systems (SEBL) - strong buy? Message Board

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Technology Stocks : Siebel Systems (SEBL) - strong buy?

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To: muckraker71 who wrote (6687)	5/15/2003 11:23:33 PM
From: Mike Buckley	Read Replies (2) of 6974

muckracker, I'm confused. Are you upset that the Web-only meeting was going to take place or that it has been cancelled? I'll have to see all the details for myself before I believe the article is presenting all of the facts in the proper context. There's is potential for a lot of confusion, especially since I can't find the proxy statement. I'll try to explain, responding to bits and pieces in the article. When Siebel announced plans for the Web-only meeting on Wednesday, it set a deadline for receiving questions from investors two days before the event ... If that's really true, that is a limitation of debate and it gives management the opportunity to eliminate questions it doesn't want allowed. An editorial in Silicon Valley's San Jose Mercury News called Siebel's plans for a Web-only meeting with limited questions a "slap in the face of shareholders." Not having seen the editorial, I agree that a Web-only meeting is wrong. But on Thursday, Siebel reversed course ... I'd have to be familiar with the company's Bylaws and SEC regulations to be certain that Tom Siebel actually has the authority to determine who is "present" (whether electronically or physically) at a shareholders' meeting and who has access to the debate. On this year's ballot are two shareholder proposals that would require the company to tie executive stock options to performance and to expense the cost of employee share options I'm also not sure that the company is bound by the outcome of the vote on those proposals. My understanding is that most shareholder proposals are not binding on public companies. According to the company's press release on Thursday, May 15, "Stockholders will be able to cast their votes via the Internet, telephone, regular mail, or fax." As much as I have always felt that Tom Siebel is arrogant, that sort of access to voting is not an example of corporate arrogance. --Mike Buckley

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