During the past week, we saw a phenomenon that is rarely seen in Kuwait: angry investors confronting company directors during the annual meeting. Last week, during Global’s annual general assembly, an investor was frustrated with the way the company handled the Saudi Mazaya. And during this week, an investor at the Gulf Investment House was irritated at how low the company’s share price has sunk, among other concerns.
Obviously such outbursts did not exist much in the past few years, as when times were good no one is complaining. However, when the economy turned sour, companies were exposed, and shareholders rage increased as some companies were not doing what they were mandated to do.
These outbursts of anger are healthy for the company, as it makes the company’s directors more accountable for their actions. Company directors and managers should keep in mind that if they do anything fishy, an angry mob of investors will scrutinize their actions.
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Loading ...Tags: Angry, Angry Investor, Angry Shareholders, Global Investment House, Gulf Investment House
Can someone tell me where i can find more information about Global’s annual general assembly incident (the frustrated investor)?
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again..due to lack of transparency..and lack of objective business media coverage.. such bursts of outrage will remain only short busts and not transform into a system-changing phenomenon.
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Naser Reply:
May 16th, 2010 at 5:23 pm
True… But you can bet that as companies’ performances worsen, more angry investors will knock on the managements’ doors.
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there was a ruckus at the global AGM but unfortunately the instigator was not a shareholder meaning he was technically not supposed to even be in the room:
عبداللطيف النصف
يفرغ غضبه في وجه «جلوبل»
اخترقت الجمعية العمومية لـ «جلوبل» من قبل أحد الحضور وهـــو عـــبد اللطيـــف النــصف، الــــذي ارتفع صــــوتــــه في وجـــه مجلس إدارة الشركة وإدارتها التنفيذية، ولم تفلح محاولات تهدئته من قبل مسؤولي الشركة. وانتهت المشادة بخروجه من القاعة.
وكانت المفاجأة للشركة بعد الجمعية العمومية أن اسم النصف ليس مدرجاً على كشف مساهمي الشركة، ولم يسجل حضوره وكيلاً عن أي من المساهمين.
it seems he was sent by his father who is the editor in chief of AlQabas and that has been known to have a grudge against global ever since the financials crisis started and for mysterious reasons.
here’s the link to the article at alrai: http://www.alraimedia.com/Alrai/Article.aspx?id=201519&date=06052010
note that AlQabas expectedly did not mention the incident with abdullateef waleed alnisf in its coverage clearly for the above-mentioned reasons.
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