Thursday, July 10, 2008
Shareholder Meeting Tip
The Wall Street Journal published an unintentionally amusing blurb about Marks and Spencer's (M&S) shareholder meeting. Despite poor performance, M&S shareholders retained their CEO. The WSJ tried to explain the retention of the beleaguered CEO by saying, "Marks and Spencer may have helped lift the mood by offering the 1,636 investors free wine, cider, sandwiches and desserts beforehand." Compare that to Long's Drugs shareholder meeting, where they served just water and basic Milano cookies. A word to the wise in corporate departments: always have good refreshments or some kind of unique freebie at shareholder meetings--investors will give you free advertising and speak well of you, which provides a good return in the form of goodwill.