Foxhole Chickens
I was recently reminded of my commitment earlier this year to make a Foxhole of the Year Award for the company that makes it the most difficult for shareowners turn up at their annual meeting. Sorry to be late but it is great to know that readers are paying attention and holding me to my word. Thanks Broc. And the 2013 winner is…
Peabody Energy (BTU). Peabody Energy Corporation is the largest private-sector coal company in the world. That’s one sector I won’t invest in myself. See Conversion: Fossil Free Endowments. GMIAnalyst gives Peabody an overall ESG rating of “F.” A quick look at Sharkrepellent.net reveals that shareowners can take no action at Peabody without a meeting by written consent. They can’t call a special meeting and the company has a supermajority vote requirement (75%) to amend certain charter and all bylaw provisions.
The nomination came from Rob McGarrah of the AFL-CIO’s Office of Investment, who told us that Peabody Energy ($BTU) moved their annual meeting from St. Louis to Gillette, Wyoming this year:
You are cordially invited to attend the 2013 Annual Meeting of Shareholders of Peabody Energy Corporation, which will be held on Monday, April 29, 2013, at 4:00 P.M., Mountain Time, at Gillette College, Gillette, Wyoming 82718.
Gillette is the county seat of Campbell County, Wyoming, United States. The population was 29,087 in 2010. Gillette has one flight a day from Salt Lake City, UT and Rock Springs, WY; two from Denver, CO. St. Louis has 255 daily departures to about 90 domestic and international locations.
Maybe it is time to flush the board at Peabody? Thanks to John Chevedden for suggesting the award.
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