Plea for shareholders
. Parliamentary reporter A former employee of Mosgiel, Ltd, has told a Parliamentary select committee that shareholders’ meetings should be held within 21 days after announcement of receivership. Mr A. J. .Wishart told the committee studying the Companies Amendment Bill that requisitions were rarely served on boards of companies to hold shareholders’ meetings after announcements, and that this should
be made mandatory. General shareholder meetings, and especially annual meetings, gave little room for a thorough examination by ordinary shareholders of boards’ actions. “It seems strange to me that a board could, by bad management, cause considerable loss of money, people’s investments, and employment opportunities and yet walk away never having to face the shareholders who are really their employers,” Mr Wishart said.
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Press, 26 November 1982, Page 26
Word Count
124Plea for shareholders Press, 26 November 1982, Page 26
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