CBS Postpones Shareholder Meeting (Again)

For most investors, a shareholder meeting is the one time each year when investors have a chance to question the company leadership. For CBS shareholders, that opportunity is indefinitely on hold.

In May, CBS postponed its originally scheduled shareholder meeting – set to take place in New York City – because of controversy over the possible merger of CBS with Viacom. At the time, CBS said: “The Board will determine shortly a new record date for the meeting… [to] provide all constituents with additional time to consider all pertinent matters before the annual meeting.”

Now, with CBS CEO Les Moonves accused of sexually harassing women, the CBS board of directors decided to postpone its rescheduled shareholder meeting, which was relocated to Los Angeles on August 10. While announcing that the board “is in the process of selecting outside counsel to conduct an independent investigation” about Moonves, it gave no additional information to investors waiting for their meeting.

One of those people waiting for the meeting is Justin Danhof, Esq., the director of the National Center’s Free Enterprise Project. Having travelled to New York in May and holding tickets to travel to the California meeting, Justin gave CBS some advice this week via Fox News:

CBS board’s inaction speaks volumes. The allegations against Moonves warrant investigation, however, he should step aside while that process plays out.

 



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