Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

'Jail or no jail': Noel Edmonds gatecrashes Lloyds AGM

2 Comments
'Jail or no jail': Noel Edmonds gatecrashes Lloyds AGM

Noel Edmonds attacked Lloyds during a heated annual meeting at the bank. 

The TV star, who is suing the bank for alleged fraud, bought one share for 67p to allow him to attend the meeting and let his feelings be known. 

Edmonds (pictured) was among 20.78% of the bank's investors who voted down the bank's pay proposals, which included a 10.9% rise for chief executive Antonio Horta-Osorio, who earned £6.42m in 2017. 

'If you want to turn it into a game show, the way you treat us, I would call it "Pointless",' Noel Edmonds said during yesterday's AGM in Edinburgh. 

'If you want to turn it into "Jail Or No Jail" you are going in the right direction.

'Things are very serious but I keep asking questions and you keep ducking them.'

In response, Lloyds chair Lord Blackwell said: 'This isn't a show Mr Edmonds, it's an AGM.

'You've set out one version of events on what you believe happened. We have a different version of events, we do not agree.

'You wish to pursue it in court and I'm happy to leave it to the court to look at the evidence, and I'm happy to let the judge decide on the basis of that evidence what the right outcome is and I hope you are too.' 

Edmonds is seeking compensation from Lloyds after claiming he was on the 'brink of emotional annihilation' and 'suicidal' after falling victim to HBOS fraudsters, who he said destroyed his Unique Group venture.  

The fraud, which occurred on HBOS' Reading branch, resulted in a number of bankers and their associates jailed for a combined 50 years in 2017. 

Earlier this year Edmonds secured ligation funding from Therium Capital Management. 

'I know I will win and I know that victory will be valuable to thousands of other people who have been so badly treated,' Edmonds told the AGM. 

'I had to buy a 67p share, which has gone down and never before have I wanted something to fail as much as that share. I paid 67p to grill the chairman, I think that's quite a good deal.' 

The revolt against pay came after the Institutional Shareholders Services had recommended shareholders vote against the bank's pay structure. 

'The vote has been carried, however, as I said, we are disappointed that a number of shareholders did not support the resolution this year and we will of course note and respond to them,' Blackwell said. 

 

 

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Hugh Young: the buck stops with me on Asia recovery

Hugh Young: the buck stops with me on Asia recovery

The Veteran Asia Pacific fund manager discusses how he is going to improve the performance of Aberdeen Standard Asia Focus and the other investment trusts run by his team.

Play Tim Steer: fund managers will have to get 'stuck in'

Tim Steer: fund managers will have to get 'stuck in'

The second part of our film with former Artemis and New Star fund manager Tim Steer looks at how his profession has evolved over the past two decades.

2 Comments Play Tim Steer: how to spot a stock disaster coming

Tim Steer: how to spot a stock disaster coming

The former Citywire AAA-rated fund manager has written a book on 22 stock disasters and how forensic examination of annual reports could have spotted them coming.

Read More
Your Business: Cover Star Club

Profile: what this duo did after quitting Hargreave Hale

1 Comment Profile: what this duo did after quitting Hargreave Hale

Two former Hargreave Hale staffers left following its purchase by Canaccord, but insist their move was due to a long term structural industry shift

Wealth Manager on Twitter