Another eye-opening experience today!
Why? Because I attended the Extraordinary General Meeting (EGM) of Malayan Banking Berhad. All this while I was just listening to my dad about what actually happen in the corporate AGM and EGM. Other than that, i just attended few times of AGM and GM organized by university clubs and societies. Of course, it is totally different.
Today, i woke up 6.30am just to get ready for this EGM agenda which was pre-scheduled at 10.00am at the Crowne Plaza Hall.
Me and my dad needed to depart early as we were taking the public transport to the destination.
We took KTM from Serdang to KL Sentral and then switched to KL Monorail to reach the venue located at Raja Chulan area. In fact, the building is just right next to the monorail station.
Quite convenient but consumed some time too.

finally we reached. The fountain outside the Crowne Plaza

As we arrived a little bit late, all the breakfast already been "sapu" by the shareholders.
But we still managed to get ourselves a cup of coffee. (at least)
Above: the hall where the EGM was held. The Chairperson, CEO and directors were all on the stage already. (everything was ready and the shareholders entered the hall)

as you can see in the photo: The center guy (fourth from the left) was the CEO of Maybank Group. (former CEO of Telekom Malaysia) - Datuk Wahid

the camera man trying to get the angle of live broadcast to the projectors

The purpose of this EGM was to pass the resolution on "renounceable right issue" matter. All shareholders will be getting one of this circular to know more about this proposal.

and me? sitting there patiently.
The meeting began and the chairperson gave the welcoming speech and announced the objective of today's EGM. Soon, the CEO took over the session by giving supporting points on the relevant of proposing this right issue. At the same time, presenting some of the past progressive performance. The interesting part was actually the Q & A session. I have been listening attentively because I had been learning all these financial statement and reporting stuff all this while. All the theory I learned seems to be useful in helping me to understand what they were discussing and proposing. (at least the fundamental understanding. However, in order to grasp technically how it operates and take effect, I still need more working experience to understand it) Anyway, scrap all that, and let's check out something that everyone understands!
Here's the top 10 shareholders who participated actively in the Q & A session.
I managed to jot down some of the interesting points. (some constructive, some just nonsense)
Let's begin, shall we?

1 - He said that "though it is non-cash item, impairment loss is still a loss" (couldn't agree more)

2 - He said that "it is not a long term investment, but instead a wrong term desicion" Plus, he stated that "we are not even minor shareholders, we are MICROshareholders" (referring to the acquisition of PT Bank International Indonesi Tbk [BII], creative!)

3 - He said that "please prepare enough breakfast for the shareholders next time. don't treat the shareholders like refugees!" He also mentioned "get refund from the hotel organizer as the quality of the projectors and PA system are lousy" Somemore "my great grandfather taught me that doing business need common sense and this kind of mismanagement during the EGM just doesn't make sense" (the most funny uncle. manage to drag attention but totally out of topics)

4 - He said "we are just a small minor shareholders that the management doesn't care"

5 - He said "there are too many disturbing notes in the circular. A healthy performance wouldn't need so many notes" (he pointed few disturbing notes as example. I'm actually agree on what he was trying to point out. The audit firm ignore parts of the material issues. The statement "we have not performed any review on the impairment" carrying amount just make the shareholders feel uncomfortable)

6 - He said "I had only 4 key questions, and it's all the interest of retail shareholders"

7 - He said that "the management had been asking us to look forward for years. The future could be very far. One day you might build your empire in the US too. But how you going to convince us?"

8 - He said that "my question is just simple, can the management confidently tell us that the dividend will not be affected resulting from this resolution?" (end up with "Tai Chi" performance. not answered. "答非所问". But the "Tai Chi" performance was very professional as there were too many jargons and accounting terms used to answer the question. End up nobody understand)

9 - He quoted "think a little bit less for yourself, and think a little bit more for others" (which implies that the "Big Shark" should somehow be more considerate towards the "little fish")

10 - She said that "we put the trust on the accountability and commitment of Board of Directors (BOD). Damned if you do, damned if you don't. the decision is inevitable. We just hope that the BOD will take full responsibility and don't let the shareholders down." (basically just a statement. not a question. So, the answer from the Chairperson was simple, "we will take note")

interesting isn't it?
the whole session was very interactive. Everyone was very responsive to the questions and the answers as well. I would definitely attend more if given the opportunity. nice experience.

my lunch (taken opposite the Pavillion)

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