ST ‘s Response To AGM Voting Paper Delay Allegations

ST has responded to complaints from shareholders that they received their voting papers for the resolutions at the recent AGM too late for them to vote. This is what the company’s spokesman says: 

 

“Voting cards were mailed from the Bank of New York to the company’s custodian broker on April 16th, which was the convocation date of the Annual General Meeting (AGM). As you may know,  this is a complex process for employees because their shares are often held in custodial accounts where we don’t know the ultimate beneficial holders. That said, we received the information from our custodian that  they mailed the voting cards on April 23rd.  Even for those beneficial holders whose mailing was delayed, there is another way for them to vote. As part of the posting, shareholders and beneficial holders can download the form from our web site where they can also have access to voting instructions.   The company posted all  the AGM documents on our web site on April 16th, so that any shareholder and beneficial holder could  vote and/or have his/her instructions considered.”

 

  Please see:

 

http://www.st.com/internet/com/press_release/c2675.jsp

http://investors.st.com/phoenix.zhtml?c=111941&p=proxynew  (to follow this link, please go on to www.st.com, click on Investor Relations, then Annual General Meeting)

 

ST adds: “The posting of the AGM documents was also announced in the convocation advertisements which were published in reputable newspapers in the Netherlands, France and Italy.”

 

Tags: advertisements, bank of new york, custodian, netherlands, spokesman

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8 Comments

  1. Anonymous
    June 15, 2012 08:08

    @Anonymous: I’m confused by your statement – firstly you say that individual shareholder votes won’t make much of a difference, then point to Atmel where about 1/4 of the votes cast were against the bonus – this is also the case in the ST vote.
    However, it’s not just a case of whether it makes a difference – ST claims to be a company with a high level of integrity, and yet routinely excludes its employee shareholders from voting. How would you feel if you lived in what was considered to be a “safe seat” at a general election, and they just didn’t bother setting up a polling station?

  2. Anonymous
    June 12, 2012 13:33

    The individual shareholders votes won’t make too much difference in voting against the CEOs pay package, it will need the major government and institutional shareholders to vote against it to make a difference. It seems that some institutional investors are finally moving against excessive CEO remuneration. In the recent Atmel shareholders meeting, over 100million shares were voted against the excessive remuneration of Steve Laub, not enough to vote it down but none the less a sign a normal Board should take into account.

  3. Anonymous
    June 08, 2012 22:09

    This is magoc.
    According to Dutch law it seems that publishing the notice on national newspaper is enough (Dutch Civil Code Section 2.4.4 Article 2:113 paragraph 2).
    However, according to STMicro’s Arciles of Association 30.2. …/…The convocation notice for the meeting shall state the record date and the manner in which the persons entitled to attend the meetings of shareholders may register and exercise their rights.
    This means that unless the newspaper publication stated it, the only way to know how to vote is to wait for the convocation letter that arrives …. too late.

  4. Anonymous
    June 08, 2012 21:42

    The problem of letters arriving late is reported every year by ST employee’s that are own shares. The company knows it as unions have question STMicro management on this several times.
    This clearly show the lack of regard this company has for its employees.

  5. David Manners
    June 08, 2012 17:00

    Now that’s rather a good idea, MGP-1, and I have an inkling what the result willbe

  6. mgp-1
    June 08, 2012 16:56

    I agree David … can we have it translated into plain English?? Smells too much like “they protesteth too much”!!! Maybe you should set up a vote on your blog next week … should Bozo get his bonus or not???

  7. David Manners
    June 08, 2012 15:44

    I know, I know [Anonymous] it’s not a very convincing account.

  8. Anonymous
    June 08, 2012 15:40

    Votong cards mailed on April 23rd? I received mine on June 5th. I thought “snail mail” was just a mental image!!

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