AGM questions and dividends.16 Dec 2020 18:40
Seven months ago the Board promised that all questions submitted to the AGM that weren't read out would be formally answered in writing. Knowing how companies like to say they never received an email, I sent 5 different questions in advance of the May meeting. Needless to say, I have not received a single answer.
When the Bof E told the Banks to cancel their dividends at the beginning of April, I wrote 17 emails and received one very standard reply from Mr Sunak's department. About par for the course.
Transport for London, the organisation under the control of London's useless mayor and bailed out by the Government, awarded numerous bonuses in March this year which were then deferred due to the virus. Notice the word deferred. The bonuses will be paid in June next year as we can't have the dears missing out.
Lloyd's cancelled our dividends from 2019/20, they did not defer them. So the money still sits in their coffers, as indeed does the unspent £600 million from 2018/19 which was being used for share buy back but could just as easily be paid as a dividend. The Board therefore has a duty to inform shareholders about money held within the company from three different financial years. I fortunately dumped the major part of my holding at the time of the cancelled dividend and have done far better as a result. But I still expect answers from a frankly discredited bank who for some years have provided a very average CEO with a very healthy salary, shares and pension fund. I for one am very pleased to see you go, Osorio. There's been a complete lack of imagination at the helm of Lloyds for a considerable time.