It's in Sydney for the first time well at least the first time I have been attending them ie when the share price started plummeting - yes I only start attending AGMs when a company is in trouble!
So where was it held this year in Sydney? - at Dockside The Balcony @ Cockle Bay at 2.30 pm today - it's been a while since I attended an AGM here - the last time I attended one here was I think when I held MYOB shares and the company was a publicly listed company. Yep that long ago!
So why the change from holding the Myer AGM at The Mural Hall at the Myer Melbourne store to having it in a random location in Sydney ( not even walking distance from Myer Sydney store on Pitt St Mall) ? Maybe it had to do with "There's no such thing as a free lunch!" ie a cost cutting exercise. It was actually explained at the AGM that it was because they wanted to make Myer more "National" to allow more shareholders from Sydney to attend the AGM who can't travel to Melbourne or do not reside in Melbourne and to move it away from the 3 busiest months of the year towards Christmas/New Year ie November December and January. The annual AGM's are usually live via a webcast for those who are unable to attend.
Same old story about dividends ( lack of them) and various company strategies to turn the company around in order to make it " profitable again - yes no increase in profit from sales but cutting staff to a bare minimum who can never be found on the floor to serve you and have no product knowledge in fact not having the products and selling off assets and reducing expenses will make a troubled company look better dividend wise.
No free lunch after the AGM but at least there was tea coffee water mini quiches and mini scones with jams and whipped cream after the meeting and I got to ask Mr Housell in person a few of my questions which I was too scared to ask in public during question time! (including how can I apply for a job at Myer!). Questions I asked were 1. What is the difference between the My Myer online store and the Myer Market online store - in sumnary they are completely separate but Myer is working to somehow intergrate them both. The Myer Market online store sells products that are only avasilabke online and not in stores however the My Myer online store sells products that are also available in stores. There is no overlap and it does not mean larger items are only available online on the Myer Market store and smaller items in stores and on My Myer. 2. How do you determine which charities fund raisers or donations Myer will support? and has Myer ever considered sponsoring more well known events? There is a committee that is responsible for this and suggestions can be submitted for consideration. 3. There have been several pop ups how successful have these been - The Harry Potter pop up you mentioned is doing really well with a long queue on Saturdays just to get in. How about the pop up mini ice skating rink at Myer. Was that in Melbourne? No in Sydney - he wasn't sure about this - he thought it did ok but not to tge extent of the Harry Potter pop up in Melbourne ( currently open).
I am disappointed though as after the AGM I usually take a walk around the Myer Melbourne store, buy something unique and then take a look at the Myer Christmas window. Oh well I'll be down to see the Harry Potter pop up store and the Myer Christmas window in November sometime during one of my trips down there.
I still like the previous Myer chairman. I found him more approachable.
No sign of Solomon Lew ( gee he has gone quiet and I did expect him to attend today) or his little legal possy. Question time was really brief and civilized this time round. And I was expecting a punch up again particularly after the class action ( I won't go into details refer news feeds online). Are Melbournians more uncouth then Sydneysiders? The venue where the AGM was held was only half full and there were a few late arrivals however nowhere enough to fill the empty seats up.
In summary this years Myer AGM was all rather BORING with only the re election of 2 female board members ( the board now has an almost equal number of female to male members) and again the same old for against abstain in regards to remuneration and performance what ever!
4 pm end of meeting and time for refreshments and networking/ questions with the chairman board members and other Myer senior staff .
4.30 pm time to leave for home walk bus bus. Back to deal with my problematic fridge that I have been defrosting or at least trying to defrost yesterday and today hoping the ice has now melted down enough at least on the lefthand side of the freezer for the door of the fridge to close - I hope the tray and 2 towels I left in and around the fridge has been enough to catch and soak up all the water that will be leaking from the melting ice. I am looking for a replacement fridge as I don't have time to stay home all day waiting for someone to come and take a look at everything that doesn't work. Not even a response from the real estate over the 2 days - it is their fridge not mine and the fridge has had this problem since I moved in.
Work tomorrow.
No comments:
Post a Comment