The Chairman of ICAP, YM Tunku Tan Sri Dato' Seri Ahmad Bin Tunku Yahaya ("the Chairman") started the AGM by referring to the 1st agenda according to the Annual Report. The 1st agenda is to receive the audited financial statement for the financial year ended 31 May 2009. Before the shareowners voted to approve this 1st resolution, there would be a Q&A session. So one fellow shareowner came out to ask as a question.
Instead asking something that related to the audited annual report, the shareowner inquired why the management still not yet take any action to engage the fund to invest overseas (I noticed that there are always people asking question that out of the current topic question, why dont' we pass the 1st resolution first then only raise this question?).
The Chairman then replied that though the board had promised during the last AGM that they will look into this issue of investing overseas, they are still considering it seriously. However, the procedure of becoming to invest globally is not easy as it looks like. The management would need to consult from different professional parties such as authority, lawyer, accountant and the fund manager in order to take the appropriate action that match the best interest of the shareowners. In fact, the management thinks the company is not quite ready to invest globally, but the Chairman has promised (promised again!?) that once they make up their mind in not a very long period (how long is not long ya!?), an extraordinary general meeting will be hold for this matter.
I think this is another typical way that how a management to indirectly reject the call by shareowners to invest overseas. And I am neutral on this issue of investing globally. Instead, I am thinking that Bursa Malaysia is still having better potential as many counters in Bursa still trade cheaper than other markets. It is just a matter of time to do own research and find out the pearl that spread over the 'Bursa' ocean.
I am not going to mention the rest of the agendas of the AGM which is related to ordinary issues such as approving directors' fees and related party transactions, re-elect/reappoint the board and auditor. So the AGM was finished within 15 to 20 minutes.
And then it was the most expecting session of which was the main reason why most shareowners attending the AGM. The session was the presentation of investment portfolio of ICAP. The presenter was of course done by Tan Teng Boo, who are the chief fund manager of ICAP. This session sounds like those Berkshire Hathaway's shareholders attending the company's AGM to be hold at May every year just because they want to know what Warren Buffet has done for the last whole year.
(to be continued)
Instead asking something that related to the audited annual report, the shareowner inquired why the management still not yet take any action to engage the fund to invest overseas (I noticed that there are always people asking question that out of the current topic question, why dont' we pass the 1st resolution first then only raise this question?).
The Chairman then replied that though the board had promised during the last AGM that they will look into this issue of investing overseas, they are still considering it seriously. However, the procedure of becoming to invest globally is not easy as it looks like. The management would need to consult from different professional parties such as authority, lawyer, accountant and the fund manager in order to take the appropriate action that match the best interest of the shareowners. In fact, the management thinks the company is not quite ready to invest globally, but the Chairman has promised (promised again!?) that once they make up their mind in not a very long period (how long is not long ya!?), an extraordinary general meeting will be hold for this matter.
I think this is another typical way that how a management to indirectly reject the call by shareowners to invest overseas. And I am neutral on this issue of investing globally. Instead, I am thinking that Bursa Malaysia is still having better potential as many counters in Bursa still trade cheaper than other markets. It is just a matter of time to do own research and find out the pearl that spread over the 'Bursa' ocean.
I am not going to mention the rest of the agendas of the AGM which is related to ordinary issues such as approving directors' fees and related party transactions, re-elect/reappoint the board and auditor. So the AGM was finished within 15 to 20 minutes.
And then it was the most expecting session of which was the main reason why most shareowners attending the AGM. The session was the presentation of investment portfolio of ICAP. The presenter was of course done by Tan Teng Boo, who are the chief fund manager of ICAP. This session sounds like those Berkshire Hathaway's shareholders attending the company's AGM to be hold at May every year just because they want to know what Warren Buffet has done for the last whole year.
(to be continued)
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