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.
Continue reading “BAE Systems AGM, 7 May 2008”