CSL AGM 2009

Recently I got the wonderful opportunity to attend the Annual General Meeting of one of the country's best success stories ever, CSL Limited.

It grew from a $2 stock to an $90 stock all within the space of about 17 years.

The managers were excellent and top quality in so many ways. Every shareholder would dream of having such a company and I even got the chance to meet some shareholders who have actually held the share when since it was $2.

This is actually my second time attending an AGM in Australia, with the first being BHP's AGM last year which I attended.

AGMs are fun because you get to meet the management, hear the latest updates about the company and of course get to eat free food at the AGM!

They usually serve delicious sandwiches and coffee/tea with that. Definitely a very sweet treat and I would go back for more just for that.

I managed to bring my good friend Kelvin along with me. The both of us are quite passionate towards companies and stock investing, and that is also why it could be said that we were the youngest of the lot who attended the AGM.

Most people who attended are working businessmen, elderly or representatives from the Australian Shareholders association or Superannuation funds.

Despite how many managers were being verbally attacked by shareholders in their own AGMs, CSL's one was a unique one. Shareholders clapped every time the Managing Director gave a speech. It must be their adoration of the man who turned the company into a multinational after growing it for about 15 years at the helm.

It was mainly a rosy AGM but nonetheless there were its sour moments too. That was when an employee got up and complaint that their pay were not commensurate with the company's successes and that they demanded much higher pay.

Not surprisingly, management declined his request and I guess from what I knew debates were going on still and I doubt this was going to stop anytime soon.

I have been a shareholder of CSL for quite some time now, having bought the stock because I have identified it as undervalued. The company is currently undergoing some litigation over in the US which has depressed their share price. Nevertheless I see it as an opportunity to buy into a great company at a price which makes sense to me.

Overall, I did really enjoy the AGM. The funny thing to note about their directors is that all the directors are men except for the Chairwoman who is female. What a funny board, all the guys being led by a single woman.

I hope to attend more AGMs like this and experience more!

Especially when there is a lot of delicious food. Looking forward to more!