I’m not sure if you follows any of the drama in the merger between GG (G at Toronto market) and GLG. The management at GG decides to dilute GG by 67% without giving shareholders a right to vote. Not only that, when shareholders challenge and request for a vote, GG management expresses unwelcome messages and uses shareholders’ money to hire the best legal team possible to fight off shareholders, who are the true owners of the company.
The CEOs and the board directors have long forgotten who are the true owners of the companies. Not only that, they have gone at length to shut out shareholders’ voice. Often you need to have at least 5% to propose any shareholder resolution to be voted at the shareholder meetings. Very often, you see dilutive actions by the management requesting for additional stock option grants and/or share grants for the purpose of enriching their and partially lower level employee’s pockets. And most share buybacks are simply recyling of cash from corporate cash pile into management’s pocket through which share dilution due to selling by management becomes less pronounced.
Do you vote when you receive your proxy statements? Do let your vote count. The only way we can make ourselves heard is through voting. If you don’t vote, the management of these big corporations will continue to disrespect shareholders as the true owners of the companies, and either embezzle your money via elaborate schemes or by outright extravagant compensation.
The same is true for politics. November election is coming up. VOTE! Apathy in democracy dramatically reduces the effectiveness of a democratic system. Exercize your basic rights as a citizen. Exercize your rights as the shareholder.
If you own GG Goldcorp shares, I hope you will support Rob McEwen in his legal fights against the management in Goldcorp. You can sign up your shares by faxing in your information to them. I have already done so.
Yes, I’m the owner, don’t I get to vote at least? Who is to deprive my right as the owner telling me that they are smarter than I am, and that I should not get any say on this acquisition matter?
At www.billcara.com, you can follow the latest details of this legal fight. After Enron, it is simply outrageous for such disrepecting CEO and management at GG to exist. But they got their hands in the honey pot, and they just won’t let go.