Bank of Ireland – AGM 19 May 2020
COVID-19 - AGM, dividend Update and purchase of shares
Due to the restrictions on gatherings and travel, save for very limited purposes, under the regulations and guidance issued by the Government of Ireland and the Department of Health relating to the Coronavirus (COVID-19) the Annual General Meeting "AGM"will proceed under very constrained circumstances. Shareholders are requested not to attend the AGM in person. Shareholders that wish to listen live to the AGM proceedings can do so by availing of the telephone facility by dialing the numbers disclosed in the Company's Meeting Notice at the time of the meeting.
On30 March 2020, the Board announced its decision to withdraw its recommendation to pay the final dividend of €17.5 cent per share. In addition, ECGS recommends to OPPOSE to the authorization to repurchase shares (ITEM 9).
2019 Directors'Remuneration Report
Under ITEM 6: the Company seeks shareholder approval of the Directors'Remuneration Report for 2019. The Company's remuneration policy is restricted due to regulations imposed upon the Company under EU law and is also subject to an agreement with the Irish government. The restrictions are found in the Covered Institutions Financial Support Scheme 2008 and the Minister's Letter (July 2011) and consist of commitments by the Bank to the Minister for Finance in relation to the Group's recapitalization. The Bank is not able to offer a mix of fixed and variable remuneration. The quantum is not excessive given the Company's sector. We recommend to APPROVE.
Bank of Ireland Group is a financial services company. Co. provides a range of banking and financial services such as current account and deposit services, overdrafts, term loans, mortgages, business and corporate lending, international asset financing, leasing, instalment credit, invoice discounting, foreign exchange facilities, interest and exchange rate hedging instruments, life assurance, pension and protection products. Co. operates a distribution network of 246 branches and over 1,200 ATMs in the Republic of Ireland and access to 11,500 branches and over 2,500 ATMs in the U.K. Co.'s trading divisions include: Retail Ireland, Bank of Ireland Life, Retail U.K. and Corporate and Treasury.
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