BOSTON (Reuters) - Some small investors who want to give a piece of their minds to big tech company directors are losing their only chance: many board members are skipping annual shareholder meetings. Companies that hold meetings online have some of the worst records for attendance.
A large portion of Alphabet Inc, Facebook Inc, Netflix Inc and Twitter Inc directors have not attended annual shareholder meetings in recent years, company records and securities filings show, in some cases in growing numbers.
Recent high-profile no-shows at the meetings - which are often the only chance “mom-and-pop” retail investors get to ask directors questions - include Alphabet Chief Executive Larry Page and Facebook board member Peter Thiel. The companies declined to discuss the absences in detail.
While big asset managers can get access to directors, shareholder activists and corporate governance experts say the empty seats at annual meetings mean small investors and campaigners challenging directors to make corporate changes may not get to engage with boards.
“If they’re not hearing it, they can’t address it and they can’t respond,” said Christine Jantz, chief investment officer of NorthStar Asset Management.
Facebook, for example, might have dealt better with its data privacy scandal earlier this year if its full board had taken more notice of content oversight and governance issues that were discussed at its most recent annual meetings, said Jantz.
Only four of eight directors attended Facebook’s annual meeting in 2017, according to the company’s proxy filings. A transcript shows five of nine directors attended its May 31 annual meeting this year and that Thiel was not present.
A Facebook spokeswoman declined comment, but
