Ashford W. Meikle, Staff Reporter
LAST THURSDAY'S annual general meeting of the National Commercial Bank (NCB) was a vibrant event.
A boisterous claque heckled and harangued NCB chairman, Michael Lee Chin. It all started when Mr. Lee Chin advised the audience that in the interest of time they would be limited to one question per person.
This did not go down well with a section of the audience whom, it appears, came to the AGM with blood in their eyes, apparently wounded by their investments in Dyoll. "How dare you!" howled a shareholder. "I beg your pardon!" joined another. One lady, quite peeved, suggested to the board, "If I am going to get one question, then perhaps I should buy NCB shares once."
The NCB chairman, sticking to his decision, remain unperturbed and unruffled. "I am a plain man... anyone will tell you that. But what I don't [appreciate] is crass behaviour." That poured oil on troubled waters. In an accusatory manner, a shareholder, attempting to raise his voice above Mr. Lee Chin's , declared: "Mr. chairman ... Mr. chairman ... I am not being crass ... there is no need for you to raise it."
NOT CONVINCED
"You have deprived us of our right to speak," shouted a vociferous shareholder, who appeared as if he were going to derail the meeting. In spite of Mr. Lee Chin's insistence that the questions other than that relating to the audited accounts wait for the general question and answer section, one shareholder was not convinced.
"All we want is an assurance that we will be provided with an opportunity. Last year when we met ... last year when we came to that point (question and answer), it was abbreviated because you insisted that we were out of time," he scowled.
A resolute and firm Mr. Lee Chin maintained, "You will have a general question and answer at which point [you'll get your chance]. So what we'll do is carry you on until the questions are exhausted."
The board faced an awkward moment when it appeared (by a show of hands) that there were more votes against increasing their remuneration than in favour. (Last year, the board was paid a little over $4 million, this year the recommendation was for $15 million for present and future board members. ) At this point Mr. Lee Chin decided to call a poll.
Again this did not go down too well with some members of the audience who questioned Mr. Lee Chin's method of validating previous resolutions.
POLL CALLED
"The chairman has the right to call a poll at any time," the company secretary, Jennifer Dewdney Kelly, calmly stated. And while the board sat waiting, for what seemed like an eternity, fidgeting, staring blankly or clearly bemused, a poll was called to increase the directors' remuneration.
Most people voted in favour of increasing the remuneration, realising how futile, perhaps, it was to oppose the resolution. "Everybody in here recognises the power of the AIC vote and the substantive position which the majority shareholders have," reflected shareholder, Ann Shirley.
Defending the increase, Mr. Lee Chin said, "Our directors are paid a fraction of what our competition are paying ... I couldn't in good conscience [ask] these people to work as hard as they are working. We are still not at the level of our competitors."
He said, "All the AIC appointed directors do not collect one penny ... and by the way, I get zero for being chairman." He joked, "It's not like I don't have expenses."
