Global Investment Watch

In the last couple of days, there has been rattling from some investor quarters over the recently announced virtual shareholder meeting at Symantec Corporation. Certain shareholders are incensed that the company would hold an online-only meeting, thereby precluding an in-person event where shareholders could face off with company executives.

While I understand certain shareholders’ interests in confronting Symantec executives on a range of issues from lackluster performance and excessive executive pay, isn’t this event really about “sticking it to the man”, face-to-face?

Annual meetings have become tactical events for activist shareholders, a media event where sullen CEOs have to suck it up for an hour of so and occasionally take the heat from angry investors. The press shows up and if the event is in, say New York, the shareholders get a bit of ink.

Great.

So did anything improve? Did the stock skyrocket? Did executives cut back on their grotesque pay packages?

In most cases, the shareholder meeting has no effect on the bottom line. Activists and their followers felt better after the bit of theater and the executives had a stiff one before getting back into their limos to the home office.

No, it’s time to put the annual meeting down. The day has past where the shareholder meeting and the events that transpired meant anything. Executives have always controlled the annual meeting forum and with virtual meetings, that will continue. It will certainly be easier for companies to cut off shareholders communicating online but so what? At best, shareholders got a chance to communicate with perhaps a few hundred other people at a live annual meeting. At a virtual meeting or certainly the run up to an online affair, the audience is virtually limitless.

So an executive cut you off at the virtual meeting? Then Twitter this MF!!!