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3 big AGMs to watch this week

Steve Holland

These three companies are this week set to hold their AGMs.

And it’s likely that the boards and executives will face some concerned shareholders.

TPG Telecom Ltd (ASX: TPM)

It certainty hasn’t been the best year for TPG. It’s set to hold its AGM on Wednesday at the KPMG building at International Towers Sydney, but the troubled internet provider hasn’t suffered alone.

The NBN kerfuffle has put a strain on telecommunications companies like Telstra Corporation Ltd (ASX: TLS) and Vocus Group Ltd  (ASX: VOC) as well.

But TPG’s share price has picked up since the Australian Competition and Consumer Commission’s report stating that the government should further subsidise the troubled NBN Company.

As such, things could be much worse.

Slater & Gordon Limited (ASX: SGH)

The Slater & Gordon AGM, to be held on Wednesday at the Marriott Hotel in Melbourne, is unlikely to be an occasion for celebration.

In fact, it’s more likely that the law firm’s directors and executives will be dreading the occasion, with Chairman John Skippen recently featuring in the media for earning 5% of the company’s value.

Slater & Gordon, with a market cap of about $12.5 million, ended financial year (FY) 2017 owing more than $750 million to its senior lenders following the company’s botched attempt to expand into the United Kingdom.

The embattled law firm’s directors will urge shareholders to vote in favour of a recapitalisation scheme “in the absence of a superior proposal”.

Westpac Banking Corp (ASX: WBC)

Though nothing like Slater & Gordon, Westpac hasn’t had the greatest year in its history.

Like other big banks, the Australia and New Zealand Banking Group (ASX: ANZ), National Australia Bank Ltd (ASX: NAB), and the Commonwealth Bank of Australia (ASX: CBA), Westpac has this year been linked to involvement in dodgy practices.

The bank continues to face the music over its alleged part in a rate-rigging dispute with ASIC.

It’s likely shareholders will be directing some tough questions to the board at the bank’s AGM, scheduled for Friday at the International Convention Centre in Sydney.

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Motley Fool contributor Sholland has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited, Telstra Limited, TPG Telecom Limited, and Vocus Communications Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.