| It was pretty much a non-event. Once again, the DEFCU had an employee
meeting at the R&G before the annual meeting. I think it was just
getting out when I showed up at 5:10.
The first thing that struck me was the lack of a security force,
and I didn't even need a signed note from Mr Cockburn and a blood
sample for identification purposes to enter the meeting. No checking
of names as you walked in - you just walked in, picked up a copy of
last year's meeting minutes and the annual report, and sat down.
The report was the next thing that struck me - it contains a
financial statement complete with auditor's notes, and an
unconditional statement of condition from the auditors!
I think we know who to thank for that...
It also contains group photos of the board, supervisory committee,
and Senior Management team... We making enough money to spend on
stuff like that? That and the supply of my favorite soda (free)
that was available... :-)
I talked with Chuck before the meeting - I noted that members hadn't
had the opportunity to talk with him much in the past year and invited
him to make the rounds of facilities again, he indicate that he
was planning to do that. He also said that a lot of problems had
been resolved this year, that last year the auditors had given them
a fairly long list of things to be addressed, and that this year the
list was quite short. Chuck seemed much more "calm" then when I had
seen him previously - I suspect before he felt he needed to be on
the offensive (or defensive) - not so anymore...
The meeting itself was very short. Lisa opened the meeting and
certified a quorum. The Board, supervisory committee, and credit
committee was introduced. The minutes of the previous minutes were
approved, and our attention was called to the various reports
contained in the annual report. Then the results of the election
were announced:
Kinzelman - 5,788
McEachin - 4,995
Fillmore-Gillett - 2,969
Chardon - 2,440
Branca - 1,677
So the incumbents, Kinzelman and McEachin retained their seats for
a full 3 year term.
There was no unfinished business or new business, and the meeting was
adjourned.
After the meeting, I congratulated Paul and Tom. From talking with
them, Tanya, Lisa and Phil, it appears that the Board is working well
together and making slow but steady progress. One thing that struck
me was that after the meeting many of the Board made a special effort
to seek out and meet members who they didn't recognize, say hello,
and thank them for coming to the meeting...
Suggestion:
The one time I went to a Digital Equipment Corp Annual meeting, there
was a choreographed "formal" meeting that went quite quickly, but it
was announced before the meeting began that this would be so, but
that after the "formal meeting" there would be a question and answer
session. I thought it worked quite well, and I encourage the Board
to adopt (and advertise) this for the next meeting. In the "formal"
meeting, there really isn't a place for Joe Average Shareholder
to get up and ask a question. I think that announcing in advance
that the Board and Senior Management team will take Q & A after
the meeting would give folks a reason to come to the annual meeting,
and present an opportunity for the Board to hear directly from
members...
Tom_K
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