I note with satisfaction that Joseph Bonett’s quiet but determined stand in support of the minority shareholder, year in year out, at various annual general meetings of public listed companies on the Malta Stock Exchange, has brought a number of equally disgruntled minority shareholders together to form the Malta Association of Small Shareholders. 

The European Charter of Human Rights, as well as that of the United Nations among others, guarantees the right to freedom of association and the right to enjoyment of one’s property. It is in the exercise of these rights that the Malta Association of Small Shareholders was founded to stand up to the bullying tactics of the majority shareholders seeing that the regulator either does not take sufficient action, only takes action when prompted by some court case, or worse still tries and stifles the participation of those with fewer votes from contesting for directors of the listed companies.

However, contrary to what one of your senior editors Noel Grima stated in The Malta Independent on Sunday of 28 April, Mr Bonett was not the instigator or a participant in the uproar that ensued at the HSBC annual general meeting held on Wednesday 18 April. Several minority shareholders this time stood up for their rights, as they were not prepared to be steamrolled by the HSBC chairman using his guillotine tactics.

The Malta Association of Small Shareholders, though a new player, is trying to group together minority shareholders and invites them as well as others sympathetic to our goals to lend their support and help us organise ourselves better to campaign for more just returns on the money we invested in shares. In particular, we would like to call on shareholders to forward their proxy votes to the Association, attend one or other of our weekly Saturday informal meetings held at the Workers Memorial Building, South Street, Valletta at 1.30pm to help the Association secure sponsorships for the newsletter and educational conferences it aims to hold and forward suggestions. One can write to us at c/o ILEX, 24 Tal-Ibrag Street, Safi (Tel. nos: 2164 7025 / 7731 9754 / 7928 3716).

Frans Buhagiar

SAFI