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BAE Systems AGM, 7 May 2008

My BAE AGM virginity was about to come to an end as I entered the Queen Elizabeth Conference centre, where no expense had been spared on lavish security measures to welcome proxy shareholders like myself. The BAE chairman Dick Olver’s introductory statement included a shareholder-pleasing boast about a 13.3% proposed increase in the 2007 dividend. However, much of his presentation was devoted to this year’s hot topic, business ethics. He acknowledged the reputational damage that the whole SFO affair had done but kept stressing that “our” company had never been found guilty of any wrongdoings in four years of SFO scrutiny, conveniently omitting the fact that the investigation was halted just as it was making good progress unearthing useful details from Swiss bank accounts.
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Back in Court – Appeal Hearing

As everybody knows, truly great baddies never really go away but always return for an epic sequel. This time, part two will be played out in the House of Lords, as the Serious Fraud Office (SFO) has decided to launch an appeal against the judgement previously won by CAAT and The Corner House.

This next fight will be premised upon the SFO’s claim that ‘public interest’ demands the case is heard by the highest court in the land. Judges Moses and Sullivan agree, whilst CAAT people know that the dark side is always defeated in the end, one way or another, and so are happy to have the case heard again. As such, both tribes are laying down plans for the what is likely to be the greatest fight the Lords have ever seen.

The preliminary hearing for the appeal took place last week in one of the history-addled, cavernous rooms at the High Court in London. Anyone is welcome to attend any such hearing unless they are specifically closed to the public, and finding this one open to all I went along to watch the action live.
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