Ruminations on the electronics industry from David Manners, Senior Components Editor on Electronics Weekly.
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.”
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