Ruminations on the electronics industry from David Manners, Senior Components Editor on Electronics Weekly.
Unhappy ST Shareholders Set Up Defence Group
Stung by their mistreatment by the corporate management of STMicroelectronics, the company’s small shareholders have set up a defence group called the STMsmallshareholders group.
The stmssg web-site takes ST corporate management to task, stating: ‘The manner in which the small shareholders of STMicroelectronics are treated is not acceptable. Certain of these are also employees of STMicroelectronics.’
‘Many of us have received the invitation to the Annual General Meeting on the 30th of May after the date it was held.’
‘The management of the company is not correct. It is not normal that the while analysts believe that the poor management of ST-Ericsson has divided the market value of STMicroelectronics company by two, the top management award themselves each year nearly 1% of this value.’
‘The creation of a defense group for STMicroelectronics small shareholders has just been decided upon.’
‘The points that we will be addressing rapidly are:
The status and the management of the group
The choice between a group with membership of each country, or a federation of groups in each country (Holland, France, Switzerland, USA, UK, etc)
Whether to push to have the AGM of the 30th of May annulled. But given the time available, it seems difficult to achieve this (and not really reasonable).
We still need an administrative and logistical support (especially concerning communication) and we are currently contacting Europeans working unions.
Thank you to everyone who responded and especially those who have supported the implementation of this website.
Now we are starting the second phase of this project, which involves bringing together all those interested in our association.
Therefore feel free to forward our details (email and website) to any interested STM shareholder?
Unhappy Small Shareholders of STMicroelectronics, firstname.lastname@example.org’.