One of the first “rules” I learned as a New York stockbroker back in the 1970s was that you never turn down free food or free drink and the best place to find those was at a listed company’s Annual Shareholders Meeting.
One time, before the meeting started, I was looking at a display of a company’s new canned food products. A man approached me and asked what I thought of the labeling. I told him that in-house products that had an identity separate from the mother company were a good idea. I also told him I was making good profits trading the company’s stock.
There is no doubt that shareholders big and small can be a pain in the butt for corporate officials. The shareholder complaining about Magnolia ice cream may have a justified opinion, but that cannot be the basis for corporate decision-making as long as hundreds of thousands of other consumers are buying the product. But that is not the point.
A business, be it a sari-sari store or a multi-billion revenue corporation, has only one purpose—to make a profit. However, a listed company has another purpose—to increase shareholder value, meaning shareholders making money owning the stock either through a share of the profits through dividends or price appreciation.
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