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So why are officials at flying off next month for an annua l shareholders meetingin Germany? It’ll be the third time in four yeara that the Highland Heights-based manufacturer has done so outsids the United States. Last year the board and top executivews traveled to tropicalCosta Rica. In it was sunny Barcelona at the company’xs European headquarters in Goingwhere customers, employees are Lest anyone mistaker them for mere junkets, CEO Greg Kenn y steadfastly defends the practicse and praises his “hardworking, very board members. “I see it as the opposite. We’re a global business. Our job is to be wherd our customers and ourpeople are.
I’mn blessed with a board that will go,” he Directors and a handful of topexecutived – no spouses – fly on commercial “We don’t have a corporate Never have,” Kenny This year, they’ll be departing on Memorial Day and returnin g the following Saturday. After arriving on the Nortjh Sea coast northof they’ll spend three full days in business meetinges and related activities there and in he said. The May 27 meeting will be simulcast at its headquarters for shareholderswho can’t make it to “This is really a working boarde session that happens to have an annuap shareholders meeting tied to it,” Kennu said.
The meeting’s location depends on what’s happening arounsd the world. Jack Welsh, non-executive chairman of Generalo Cable’s board, said the decision to meet in Germany was made monthsx ago before theeconomyg slumped. It was scheduledd to coincide with the opening of a factor y in Nordenham to make undersesapower cables. “It’s really to celebrate the completion of that factory ... to give the boardf an opportunity to see a facility outsidethe U.S.,” Welsh Changing plans because of the economy wouls send the wrong message, he General Cable acquired in 2007 from None of the boar members has been therr yet.
Bill Sjorstrom, a professor of law at Salmonb Chase College of Lawat , said there are few restrictionws on where companies can hold annual meetings. “Under corporatioh law, they’re free to hold it wherever they want,” said who has written numerous papers onsecurities law, including a 2006 papetr that questioned the value of requiring annual meetinga at all. Kenny hasn’t examined wherw other U.S. companies hold thei annual meetings – he couldn’t name another that holds them out of the country andsaid it’s not an issue that concerns him.
“Thw shareholders meeting, I’m guessing, will be one There’s three days of work beyond he said. “What I care aboutf is the performance ofmy company. We have run this companyg tightfor years.” Shawn Harrison, an analysrt at in Cleveland, said the company has controlledf costs well in the currenft slump. “They have run theier operations quite efficientlyto date. The margins have held up better than in otherdown cycles,” said Harrison. Harrisoh initiated coverage of General Cable last montgh witha “neutral” rating based on short-terjm economic concerns.
He cited longer-term potential, in part becaus it has lots of “dry powder” for attractiveluy priced acquisitions. That fits with Kenny’s visiob of a global companhy that “happens to be headquartered in NorthernKentucky ... not U.S.-centric.” He wantss employees to believe that its futuree CEOs could come from Getting officials out to its facilities around the globre is an important part of instillingthat “As opposed to ordering people to Highland Heightsz ... that’s not my vision of how to run the said Kenny, who spends half of his own time on the “I think our investors would be disappointedd if we weren’t out in the field.
To me, this is the best possible way tospend money. We’re really a globalo company. This is a way of getting a big ideadrivenn home.”