(Photo by Diego Radzinschi)
“Gadfly” shareholders sometimes gain the kind of access to corporate executives that “Wall Street analysts would envy,” The New York Times DealBook blog reported on Tuesday.
For example, the Times reported, Richard Davet, 69, has been a regular at Bank of America’s annual meetings in Charlotte, N.C., since 2000. This year, in an event confirmed by the company, he sat down for a private meeting with BofA global general counselGary Lynch and another top bank lawyer at the Ritz Carlton to discuss the $4 billion accounting error that caused the bank to cancel its plan to boost its dividend by four cents, to 5 cents a share, and suspend its $4 billion share repurchase program
As the Times noted, executives had not discussed the error in public before the annual meeting, though Davet told the Times that “It is not something they can get away from.” The report did not mention how many shares Davet owns.
While Bank of America, judging from the report, goes out of its way to cater to individual shareholders (taking time not only for Davet but also helping a second shareholder who uses a wheelchair get around), other companies apparently strive for “destination annual meetings,” noted bank analyst Michael Mayo told the Times.
Among Wall Street players going farther afield this year, the Times reported, are Wells Fargo, Goldman Sachs, and Citigroup. The companies say they are accommodating “large pockets of shareholders,” the Times reported, and choosing locations based on other areas where they have operations.