STMicroelectronics has responded to the formation of a group of shareholders who are unhappy about receiving their voting papers for the AGM late and about certain corporate emoluments.
Mike Markovitch, ST’s director for technical marketing says: “As a public company owned by its shareholders, STMicroelectronics respects the rights of all shareholders to make their voices heard and the effort by the Small Shareholders’ Group to consolidate their messages.”
Markovitch continues: “The issue that most of the small shareholders are trying to address is that some voting cards for the Annual General Meeting–primarily for European employee shareholders who participate in the company’s share award program–were not received on time, because their shares are held through accounts with financial institutions and consequently the individual shareholders are not registered in the Company’s share register.”
Markovitch concludes: ” ST makes every effort to communicate with its shareholders and publicly announced, via press release on April 16, 2012, its Annual General Meeting. The convocation of the AGM was also announced on the Company’s website and intranet as well as in three newspapers (NRC Handelsblad in The Netherlands, Les Echos in France and Il Sole 24 Ore in Italy).”