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“Enforcement Action” is written by Bruce Carton, a former senior counsel in the SEC's Division of Enforcement. A “blawg pioneer” (according to The Wall Street Journal), Carton was the creator of Securities Litigation Watch, a blog that he wrote for more than three years while he was vice president of ISS' Securities Class Action Services. He is now editor of Securities Docket, an online publication that tracks securities litigation and enforcement developments on a global basis. Carton welcomes questions, comments and statements from readers on enforcement and litigation issues; he can be reached via email at BCarton@complianceweek.com.

 

May 13, 2009

Euro-Shareholder Trend: Throwing Stuff at Board Members

When Flemish shareholders of Fortis revolted at a heated meeting in Ghent, Belgium last month by throwing shoes, coins and even ballot boxes at Fortis board members, I was willing to dismiss it as an isolated incident. (See the video below!)

After today’s developments in Dublin, Ireland, however, I think it is time to declare a new, full-blown Eurotrend: shareholders venting their fury at corporations by throwing things at board members. Today brings word from Ireland that at an emergency meeting of Allied Irish Bank shareholders, angry shareholder Gary Keogh (pictured below) pelted one of the country’s most senior bankers, AIB Chairman Dermot Gleeson, with eggs:

Dermot Gleeson, chairman of Allied Irish Bank (AIB), ducked to avoid the missiles after addressing an emergency meeting at its headquarters in Dublin. Gary Keogh, a pensioner and a shareholder in AIB, was removed from the building after throwing the eggs at Mr Gleeson at the end of his address to the meeting.

Mr Keogh, 66, from the Blackrock area of South Dublin, told the board: “For the past number of years we have been told to put our money into the banks – now we have no pensions. I have no pension. My pension now is wiped out because of AIB. I cannot sell the shares because they are useless.

He added: “The whole board should be replaced by Mickey Mouse and Donald Duck.”

Stay tuned, and to all European board members I say: “Head’s up!!”

Posted by: bcarton @ 2:19 pm

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