At a time when more and more AGMs have evolved into a no-frills, all-business kind of a meet, the cosmetic company of USA, Estee Lauder bucks the trend.
The AGM is usually held late Oct and early Dec, in the glory of the fall colours in New York. The meeting is dominated by mostly women, majority of whom have been shareholders since 1995. The AGMs are not a hurry-burry affair. Shareholders are first treated to a long and leisurely breakfast, comprising of gourmet pastries and tropical fruit. They are also given takeaway of a goody bag filled with luxury cosmetics. They are encouraged to mingle with the children and grandchildren of Estée Lauder, who co-founded the beauty giant 70 years ago with her husband Joseph.
And at the AGM all kind of questions are asked, like, “How long will this eyeliner last or which is the latest shade of lipstick?” There is no yelling just a feeling of goodness. Most of the women attending the AGM say that they look forward to this meet every year and it makes them feel so welcome.
William Lauder, executive chairman at Estée Lauder and a grandson of the company’s founders, runs the hourlong meeting and sticks around afterward to mingle with investors.
Everyone was so awed with the treatment that they usually never ask difficult questions; the one which was there on everyone’s mind this time, “why has the stock price of the company tanked so much?”
All that pampering surely helped!