Strategic Plans and Shareholder Voices
As the chill of winter gives way to warmer spring days in North America, it’s also a time abuzz with exciting events and potential volatility triggers for companies, both large and small.
This is the earnings season, and several major U.S. firms have already shared their Q1 results. The spotlight this week is on Big Tech, as everyone anticipates executive insights on the macroeconomic landscape, particularly tariffs and the projected trajectory of the “wait-and-see” economy.
Simultaneously, it’s also the season for shareholder meetings. From April to early June, company leaders engage with stockholders to discuss trends over both the short and long term. They lay out operational performance data, strategy concepts, and future plans. More crucially, these meetings offer a platform for shareholders to voice their opinions through Q&A sessions. Annual General Meetings (AGM) embody sound corporate governance and financial transparency, reinforcing shareholder rights.
These gatherings also function as a forum to ensure CEO accountability. Shareholders vote on pivotal matters, including board member elections, executive compensation, and decisions regarding dividend policies or stock splits. Occasionally, rumors of mergers and acquisitions surface, and one can often see activists making their presence felt at AGMs.
However, an event gone awry, characterized by evasive answers and unpopular decisions, can stir drama on Wall Street. Here’s a glimpse at some potentially significant shareholder meetings scheduled through the next month:
April 23: Goldman Sachs
Goldman Sachs was among the pioneering major companies to announce Q1 outcomes. Bank earnings held firm overall, helping to alleviate fears of a sluggish start to 2025. Yet, focus remains on the road ahead, especially given the sharp turn in tariff policies since the onset of Q2.
Although equity trading held strong, CEO David Solomon flagged economic risks, emphasizing an increased chance of a U.S. recession. Investors will have the chance to engage further during this week’s follow-up meeting.
April 29: Citigroup
Following suit, Citigroup will host its AGM next week. After surpassing bottom-line expectations, CEO Jane Fraser expressed a more optimistic outlook than Solomon, hinting at the U.S. economy’s resilience against tariff challenges. Despite rising interest rates and a depreciating U.S. dollar this month, Fraser is confident in the dollar’s stature as the world’s reserve currency. We’ll soon see if Citigroup’s significant turnaround efforts continue to yield results amid the bank’s annual performance decline.
April 30: Newmont Corp
Shifting away from the financial sector, Newmont Goldcorp has enjoyed remarkable success. The gold-mining company’s share price soared over 45% YTD as of last Tuesday. Gold prices have seen a 20% increase in 2025, with potential macro factors favoring this once-overlooked Precious Metal Mining industry.
While the pandemic initially triggered gold’s rise, factors like labor costs and increased interest rates posed fiscal challenges for companies like Newmont. With Goldman Sachs revising its gold target to $3,700 per ounce and UBS upgrading their stance on Newmont earlier this month, Newmont’s meeting might lean more celebratory.
May 3: Berkshire Hathaway
While gold currently holds appeal, the crown jewel of shareholder meeting season is Berkshire Hathaway’s event, often referred to as “Woodstock for capitalists.” Hosted by Warren Buffett, the event draws large audiences, especially since Berkshire’s stock outperformed the S&P 500 by reaching nearly a 20% increase in 2025.
A pressing question for many is, “What’s next for all that cash, Warren?” With a market cap of $1.14 trillion and a cash reserve of $334 billion, Berkshire has ample resources for potential takeovers or buying opportunities should the market drop again.
May 6: Intel
Despite Buffett’s lauded status, Intel hasn’t shared the same fortune. Following its exit from the Dow Jones Industrial Average late last year, Intel’s stock dropped a significant 44% over the past 12 months as of mid-April 2025. With a change in leadership – Lip-Bu Tan taking the reins from Pat Gelsinger – the upcoming meeting will follow their April 24 Q1 earnings report.
May 8: UPS
Similarly, United Parcel Service has faced a rough patch, experiencing over a 30% decline year-on-year as it battles competition from FedEx and Amazon. In January, UPS announced a significant reduction in shipping volume with Amazon, a decision met with scrutiny by shareholders despite the company’s encouraging rationale.
May 14: Southwest Airlines
Macro risks are also in focus for Southwest Airlines. Investors may challenge CEO Bob Jordan’s decisions, such as ending the “bags fly free” policy and switching to assigned seating. More significantly, broader economic concerns like reduced consumer spending and domestic travel could impact Southwest’s financial performance. The May 14 meeting offers a chance to explore these dynamics further.
May 15: Las Vegas Sands
Travel sector woes continue with Las Vegas Sands, which reported a 36% drop in stock value this year, factoring in China-related tariff fears and global recession worries. Despite lacking assets on the Las Vegas strip, its status as a pure China play among U.S. stocks might attract value investors, especially given its reasonable pricing.
As numerous major shareholder meetings loom in late May and early June, keep an eye out for further updates on AGMs. They may not only influence individual stock movements but also reveal broader economic indicators amidst rising recession concerns.
