At Caterpillar’s annual shareholder meeting in Chicago last year, one questioner asked Jim Owens, chief executive, how the manufacturer got its name.

Mr Owens is likely to face tougher grilling at this year’s shareholder gathering on Wednesday. Last year, Caterpillar, the world’s biggest manufacturer of construction equipment and heavy-duty engines, was navigating relatively well through the US recession – thanks to its growth in international markets and the boost that strong commodity prices gave the energy and mining sectors in emerging economies.