An annual general meeting is traditionally an opportunity for a company's shareholders to engage with the board and comfort themselves that the necessary strategies are in place to grow the value of their investment. Few of KWV's minority shareholders enjoyed that sense of comfort after last week's AGM.The chairman's easy dismissal of queries about why there were only two board meetings during financial 2015, neither of which he attended, and his equally easy dismissal of questions about the CEO's commitment to the company, meant most of the minority shareholders left the meeting deeply worried.Chairman Marcel Golding said he faced challenges last year, seemingly referring to his ousting from e.tv and high-profile spat with HCI CEO Johnny Copelyn. HCI has a controlling 51% stake in Niveus, which in turn has a controlling 57% stake in KWV.Golding stressed that his absence from board meetings was not indicative of indifference or apathy. He said two board meetings were all that was considered necessary last year. This, despite the company's continued poor performance.After the AGM, shareholder Chris Logan referred to a prospectus issued by KWV in 2009 stating, under corporate governance, "The board meets at least four times a year, or more frequently if required by circumstances."story_article_left1Causing even greater dismay was Golding's dismissal of Logan's concerns that CEO Andre van der Veen not only has no experience in the liquor industry but is too busy at Niveus, where he is CEO, to be able to devote the necessary time and energy to KWV. Niveus owns a group of gaming companies as well as Galaxy Bingo and is developing a casino at Kuruman in the Northern Cape.It seems Van der Veen did not need to commit too much time to KWV because "the CEO's role is a very simple one - it's to ensure the right management team is in place and the right strategy is in place", Golding explained to a stunned audience.Golding's amazing description of the CEO's role followed a similarly disturbing description of the chairman's role by Van der Veen a few minutes earlier. In response to Logan's concerns about Golding's absence, Van der Veen said the chairman gave as much time as was required. "The company has a CEO and the chairman can't be all over him," he said.Shareholders later described KWV as the corporate equivalent of a "latchkey kid" who is left at home alone to take care of himself because his parents are too busy or distracted.While the CEO frequently reminded the meeting that Niveus was happy with KWV's performance and its commitment to the long-term strategy put in place in 2011 when Niveus acquired a controlling stake, the minorities were not persuaded.They charge that the board is continuing to neglect the company's operations and is letting the considerable potential of its award-winning portfolio of wines and brandies go to waste."Every year we're told in the annual report of the impressive number of local and international awards KWV has received and then we turn the page and see the dismal financial figures. Why is management not able to convert the strong brands into sales and profit?" asked one frustrated shareholder.His frustration is likely to get significantly worse. Thanks to the Financial Services Board's move to protect investors who trade in unlisted companies, KWV shareholders no longer have access to an electronic share-trading platform that allows bids and offers to be matched. Since last Wednesday, trading has had to be done through an "administrator" who is a company employee.An explanatory notice sent out by KWV at the end of June said anyone wanting to buy or sell shares should send an e-mail to KWV, with details of the volume and price at which they were willing to buy or sell. The administrator will collate the information on one database and distribute it to the willing buyers and sellers on "at least a weekly basis".Some minorities see this as part of a devious plan by Niveus to slowly build up its stake at the current low price."They're patiently waiting for us to get fed up of the dismal results and dump the shares but we won't," said one determined shareholder...