Wednesday, November 20, 2013

Thoughts on Nokia EGM

Yesterday I attended the extraordinary general meeting of Nokia corporation. It was my first general meeting of any kind. I attended because it was historical meeting and certainly very widely watched and reported one - at least in Finland where Nokia easily brakes the news barrier whatever it does.

As you may know by now, the Nokia EGM decided to confirm and approve the sale of substantially all of Nokia's Devices & Services business to Microsoft in line with the proposal and recommendation of the Nokia Board of Directors. 

More than 99 % of the votes cast at the EGM were in favor of this proposal. If I recall right, it was only some 8 million votes out of 1,7 billion that were supporting either dismissal or the alternative proposal that was made. Surprisingly many votes were disqualified or blank (some millions).

So no surprises there.

The level of Q&A was disappointing not because of answers provided (often by Chairman of the board of directors Risto Siilasmaa), but due to the questions and comments being made. Lots of commentary and opinions. Many of them unnecessary or outside of decision at hand. It took ages to go through the Q&A part, but apparently there was some kind of agreement to allow gross overruns of budgeted 2 minutes per question or comment. 

Good experience, but I think I'll continue skipping most of GMs.

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