It’s AGM season again and there are simply too many of these to attend this month. I was at the Barclays one last year and will try and visit some new companies this year.
Mwananchi attended the 2006 Barclays AGM and was kind enough to contribute his report:
Held at KICC. Well organized & surprisingly not crowded. Started on time. Before you ask... there were lunch packs provided... more on that later...
BBK pays hefty dividends so not a problem on that end but there was a new Chairman Okomo-Okello also on TPSEA. (Serena)
In spite of the Chairman's request that only financial/annual report related questions be asked prior to the adoption of the accounts, the usual UNRELATED questions started!
Questions & Answers:
- Lunch doesn't take into account dietary needs. Adan (Adan Mohammed is the Barclays MD) answered that it is not easy to have each shareholder's needs provided for. The lady asking this question was within 3 metres of me & seemed very upset about lunch...
- Freebies like umbrellas. Adan (no-nonsense) said giving freebies to the attending shareholders is not fair to those who could not come.
- Transport/reimbursement from Shaags: Same answer as Freebie
- Nothing or minimal questions on the accounts (Accounts then adopted)
- Protests from one shareholder (aka VituVingiSana) who had relevant accounts/FS questions! After much mumbling allowed to ask why growth in assets doesn't match overall industry. Charles (FD) explained a major customer withdrew his "holdings" after the liability matured.
The non-financial questions were answered at this stage. There was an EXCEPTIONALLY long letter read by an old man who protested about lack of a Barclays branch in his town, short opening hours, high fees, etc.
Complaints abounded on the delays by BARS, removal of chairs at BARS offices, etc. The Marks of BARS were asked to stand up & be recognized! Board was going to look into the matter.
So there was a boxed lunch but had to leave ASAP so no idea what was in it but the management ended up at the Inter-Continental Hotel.