Snap held what may be the shortest annual shareholder meeting by a U.S. public company in history—not that anyone necessarily keeps records of that feat. Snap’s meeting lasted just two minutes and 46 seconds, an accomplishment that seems fitting for a company that pioneered disappearing messages. A recording posted online lets the curious get a peek at what happened. Snap’s Associate General Counsel Atul Porwal called the meeting to order and introduced the first agenda item: presenting the results of the election of Snap’s board of directors. Then he read all nine names. There were no other items on the agenda and the meeting was adjourned.
Needless to say this type of breezing through a shareholders’ meeting is uncommon in the corporate world. Yes, CEO Evan Spiegel and his co-founder Bobby Murphy control more than 95% of the voting shares. But other companies, such as Viacom, have controlling shareholders and also stage annual meetings where shareholders can ask questions. The meeting served as yet another reminder that buying shares in Snap gives you about as much input as not owning shares at all.