James Crean is another bete noire of this column, and even by the standards of the Irish stock market's living dead, Crean has been a thoroughly abysmal performer. If it were just a downturn in its markets that was the cause of Crean's recent performance, it mightn't be too bad, but it seems that the Crean board is incapable of deciding on a coherent strategy for the group that will provide value for long-suffering shareholders.

Today, Crean shareholders can quiz Ray McLoughlin and his colleagues on their stewardship of a company that was once the bluest of blue-chips, but is now seen as little more than a possible recovery punt. Unfortunately, given the record of recent Crean a.g.m.s, the board is more likely to get its usual easy ride.

But just in case any irritated shareholder needs help in questioning Mr McLoughlin and his colleagues, here are a couple of questions to start the proceedings.

Given the performance of management, does the remuneration committee Alastair McGuckian, Joe O'Sullivan, Gerry O'Toole and Fergus Smyth justify the average remuneration of £237,000 paid to the executive directors and the increase in basic pay for the four from a total of £632,000 to £684,000?

Just to remind shareholders, the Crean board presided over a loss of £2.26 million last year compared to a profit of £14.4 million in 1996. And even when exceptional restructuring costs are left out of the equation, operating profits actually fell by almost 22 per cent. Why should shareholders have faith in a board which reversed a previous decision to concentrate on two core businesses in food processing and electrical wholesaling, to go back to a three-business strategy including print and packaging?

Why, when Domhnall McCullough retired last December was no outside replacement immediately appointed?

Given the sort of cash handout Jones shareholders are getting, should Crean not sell assets and distribute the net cash to shareholders?

Note: Crean shares traded at 716p seven years ago, they now trade at 160p.