It might have been the fine weather, the, ahem, early start, or a certain battle fatigue. Whatever the reason, there was a smaller turnout than recent years for Bank of Ireland’s annual general court in UCD yesterday and only token anger about the various issues that have affected the bank since the global financial crash in 2008.
Perhaps learning from past experience, chairman Archie Kane chose to sit down for the lengthy question-and-answer session rather than risk varicose veins.
It began with a question from Cork-based shareholder John Flynn, who complained about the 9.30am start and called for it to be put forward to noon to allow country folk to make the journey to Dublin.
Kane said it was a “normal business time” but the board would review the matter for next year.
Nobody thought to ask non-executive director Wilbur Ross for his take on the timing given he'd travelled all the way from the US.
Ironically, Kane brought the Q&A part of the meeting to a close at noon on the button.
Before that point, William Malone asked Kane to justify Richie Boucher's €843,000 remuneration package, arguing it is more than is paid to Barack Obama, David Cameron, Angela Merkel and Enda Kenny put together. Actually, they get paid €37,000 more between them but you get the picture.
Patrick Haren, chair of the bank's remuneration committee, said Boucher's package was "well-justified based on his track record", particularly as the bank had returned to profitability.
Mortgage arrears
Shareholder Lorraine Gray said she would "prefer" to have Boucher running Bank of Ireland than Obama, Merkel or Kenny but left us all wondering where she stands on Cameron.
Mortgage arrears came up, with calls for customers behind with their payments to be treated with decency.
Investment adviser Brendan Burgess gave the bank seven out of 10 for the way it has handled the arrears issue but said those falling behind with their payments were likely to get a better hearing from rivals AIB and Permanent TSB.
Dermot Carroll accused Boucher of treating members of the joint Oireachtas finance committee as “dunderheads” during a recent appearance on mortgage arrears. “I don’t want my public representatives treated in this way. A bit of humility wouldn’t go amiss on your part,” he added.
The meeting closed with a run-through of the nine resolutions to be voted upon.
Neil Duggan, a regular on the company agm circuit, interjected to enquire if the auditors might be able to make the annual report into “something more manageable and digestible” rather than the 444 pages used for last year’s edition.
Duggan said this was an 80-page increase on 2012, noting there were seven pages of pictures of the directors and 10 pages of reviews from the chairman and chief executive.
“We will seek to do whatever we can to make them as succinct as possible,” Kane responded.
