A high-stakes conflict over shareholder voting procedures is building ahead of Belize Telemedia Limited (BTL)’s landmark 20th annual general meeting, scheduled to take place Thursday morning at the Belize Biltmore Plaza. Three of Belize’s largest trade unions — the Belize National Teachers’ Union, the Public Service Union, and the Belize Communication Workers’ Union — have launched a coordinated campaign urging thousands of small, retail shareholders to attend the meeting in person to cast their ballots directly, rather than relying on third-party proxies.
The unions’ call to action centers on a critical allegation of conflict of interest surrounding the 2026 election for BTL’s publicly elected director seat. Eric Eusey, the incumbent officeholder who is standing for re-election in the contested race, is listed in BTL’s official meeting notice as an approved proxy for shareholders who are unable to attend the meeting in person or participate virtually. According to the three unions, this arrangement creates an obvious and unacceptable conflict: it allows a candidate in the director election to control a potentially large bloc of proxy votes that will directly determine the outcome of the race he is competing in.
Beyond the election, the AGM will cover a full slate of routine corporate business: shareholders will review the board of directors’ annual report and audited financial statements for the 12-month period ending March 31, 2026, vote on a proposed dividend distribution, approve the appointment of external auditors, and finalize the selection of the publicly elected director. The unions emphasize that collectively, small retail shareholders hold enough combined voting power to swing key decisions at the meeting, if they choose to exercise their rights in person.
The coalition is demanding independent external oversight and enhanced transparency for the entire proxy voting process, addressing what they frame as systemic risks to fair corporate governance. The deadline for submitting proxy forms and registering for virtual attendance passed at 10 a.m. local time on the day before the meeting. The unions warn that when small shareholders opt out of attending and cede their voting rights to proxies, control of the company becomes concentrated in the hands of a small, narrow group of large stakeholders, whose interests may not align with those of ordinary Belizean investors.
Reaffirming that every share held by ordinary citizens carries equal weight in corporate decision-making, the unions are urging small shareholders to attend the AGM in person, pose direct questions to the board, and ensure their individual votes are counted correctly in all contested matters.