Sir, - I received the notice of the Eircom AGM this morning. Strangely, as it is an Irish company with a higher than usual level of private shareholders, I expected the report to be in English, or even Irish. Not so.
After working my way through sentences over 100 words long, reaching for a phrase book to explain "fractional entitlements" and wondering how the writer came to love the word "pursuant" so much, I gave up.
I'd had enough when I saw that the chairman alone has at least 6 other jobs, which caused me to think I, as an owner, don't really need him that much. Directors salaries have almost doubled and non-executive directors fees have gone up by a factor of 7 plus, while my investment has gone down the pan. I'm not clear how much I paid for the dinky new name and pretty logo, though I'm glad Mr MacSharry looked so comfortable in the back of his (presumably chauffeur-driven) car.
In view of the large reduction in share value together with the large increase in directors salaries, I for one am voting against any "long term incentive plan" on the grounds that experience to date would imply that I may as well roll my share certificates around some Cuban weed and light up. - Yours, etc.,
Garry Clarke, The Ward, Co Dublin.