Hang Seng Bank's annual general meeting yesterday turned into another forum for shareholder advocate David Webb to trumpet his calls for better corporate governance in Hong Kong.
Indeed, the AGM seemed more like a one-on-one debate between Mr Webb and the bank's chairman, David Eldon, as few other shareholders raised questions.
Mr Webb has bought shares in the 33 constituent stocks of the Hang Seng Index with the aim of bringing his campaign for greater minority shareholder rights to every annual general meeting this year.
He is also demanding that resolutions be voted on by poll rather than by a show of hands, a demand that prompted Hang Seng Bank to call for a 4.5-hour meeting to tally votes in the poll.
At the Hang Seng Bank meeting, Mr Webb also raised questions about the independence of three independent directors nominated by the bank for re-election.
Citing a conflict of interest, Mr Webb opposed the election of New World Development chairman Cheng Yu-tung and two other directors because all three used Hang Seng Bank as their principal bank.
In the case of New World's Mr Cheng, Mr Webb said: 'The extent of the loans and deposits between New World Development and Hang Seng Bank is unknown but I suspect it's in the billions and I suspect it's borrowing rather than deposits.'
