ANNUAL shareholder meetings may not be the most efficient occasion for managers to meet with the owners of the companies they run — they can be hard for shareholders to get to and are sometimes hijacked by gadflies with personal agendas and long-winded, irrelevant questions. Because most, if not all, shareholders cast their votes before the meetings even take place, they can feel ritualistic and not terribly meaningful.
Yet, these congregations do give shareholders a rare opportunity to take the measure of the managers and directors who are supposed to work for them. How executives answer questions that shareholders pitch at them can be very revealing.
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