We did ask about teleconference and the reply was: cost saving.
Initially, the company was trying to save money, because it cost $5000 per conference.
Later on, it became an entrenched practice.
I do agree, we should have a recorded meeting for our references, as well as to accomodate for others who cannot attend.
My guess is: the issues discussed were sensitive and hence the Board was trying to limit the prospects of being taken out of context on certain topic, by any competitors or perpetrators.
Ann: Results of Annual General Meeting, page-198
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