Bank of Ireland's new chief executive, Mr Brian Goggin, has said he wants to create "a truly customer focused" bank during his tenure in the top job.
"No matter how global, how sophisticated the financial services industry becomes, it is still at heart a people business," he told shareholders at yesterday's annual meeting.
A satisfied customer was a more loyal customer, he said, noting that if customers had a problem, it was the bank's responsibility to fix it. "We have failed customers where they believe they cannot get satisfaction from us," he said, noting the bank was currently working on a customer advocacy proposal.
In his first address to shareholders since taking over the top job from Mr Mike Soden in June, he said he was committed to a banking culture "based on probity and integrity", saying that a reputable banking industry was the cornerstone of any economy.
He also said there were significant differences in the culture of Bank of Ireland and its staff that marked it out as different to its rivals. "We have not been forthright in expressing that in the past but I expect to be more forthright in expressing that going forward," he told reporters after the meeting.
His aim, he said, was for Bank of Ireland to be "respected by customers, admired by competitors and desired by investors".
Meanwhile, the bank said it expected to see a continued good performance for the group this year.
Bank of Ireland governor Mr Laurence Crowley said its Irish business had performed strongly over the first three months of the year. It is also achieving growth in its main businesses in Britain while also seeing positive benefits arising from its cost-reduction programme.
"Early indications are also encouraging for our joint venture with the UK Post Office," Mr Crowley said.
He told shareholders the bank was not seeking a suitor to take it over but regarded mergers and acquisitions as one means of achieving growth. "We will examine suitable opportunities that fit our business criteria as they arise," he said.
Shareholders approved all 12 resolutions before the meeting, including a proposal to increase the aggregate fee pool for non-executive directors to €1 million from €800,000.
This would allow the bank to increase the amount it pays its non-executive directors from €60,000 per annum to €80,000 to reflect their increased responsibility and workload in the wake of recent changes in corporate governance, Mr Crowley said.
The motion was passed despite several criticisms of the bank's board, its size, composition and remuneration.
Mr Crowley defended the 17-strong board, noting that the recent appointment of five new directors represented good succession planning in anticipation of retirements.
The governor and two other non-executive directors, Mr Ray MacSharry and former chief executive Mr Maurice Keane, will step down from the board next year while another director, Ms Mary Redmond, will retire the following year.
Shareholder comments at the two-and-a-half hour meeting ranged from criticism of "the dirty facade" of the bank's branches in London to its recycling policy.
Several shareholders called for the re-introduction of a "scrip" option, which allows investors to receive shares instead of dividend payments, a matter the bank undertook to review.
