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Auctionbytes-NewsFlash, Number 789 - June 24, 2004 - ISSN 1539-5065      | Next Story

eBay Holds Annual Shareholder's Meeting in New Orleans; Rejects Proposal to Expense Options
By Ina Steiner
AuctionBytes.com
June 24, 2004
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eBay's Board of Directors, executives, employees and shareholderes met at the Hilton New Orleans Riverside for eBay's annual shareholders meeting. There were a number of shareholders in attendance who were also eBay Powersellers, some of whom asked questions after the meeting.

Pierre Omyidar, eBay founder and Chairman of the Board, administered the meeting. There were six proposals, and noone spoke when Pierre opened the floor for discussion. The six proposals were voted in favor of the board's recommendation.

Shareholders approved the election of three directors; approved ammendments to the 1999 Global Equity Incentive Plan; aproved an amendment to the 2001 Equity Incentive plan; approved an amendment to its Certificate of Incorporation; ratified the selection of pricewaterhouseCoopers LLP as independent auditors; and did not approve a stockholder proposal regarding stock option expensing.

After the meeting, eBay CEO Meg Whitman gave a presentation to shareholders on eBay's vision, citing statistics about the site, and showing a video of some eBay sellers in New York (chimptoast), Hong Kong (toyeast) and Arkansas (wesellart).

There were a number of questions from shareholders after Whitman's presentation, including one from a Powerseller with 20,000 in feedback. He asked whether eBay would consider giving stock options to eBay sellers based on their fees, in order to motivate sellers. He compared it to Starbucks shareholders who don't mind overpaying since they are shareholders. Whitman called it a very interesting idea.

Another shareholder began by saying, "You all are just wonderful" and thanking eBay for coming "to my fair city." He suggested eBay come back for future eBay live events.

Another shareholder suggested holding the next eBay Live meeting in Washington DC to send a message to lawmakers.

One shareholder pointed out that while Whitman cited 105 million registered users in her presentation, he was aware that many users had muliple accounts. He also wondered how many active registered users there were. Whitman said there were 45 million active registered users, but did not give a number of unique active users.

Other questions involved the challenges of international shipping and selling eBay pricing data.


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