This was a matter put to the chairman of Brentford Dock Ltd at the AGM February 15th 2018:
The shareholder stated as follows:
“The May 2013 Newsletter stated that an honorarium of £6,000 per annum would be paid to the Chair (Veronica Mary Wray). According to the dictionary, an “honorarium” is defined as, and I quote, “usually a SMALL amount of money paid to someone for a service for which no official charge is made” (that is to say a gesture in recognition of the time and work involved in the performance of the role, rather than a payment for services rendered).
Since then the honorarium has increased annually as follows:-
- In 2014 by 4%;
- in 2015 by 39%;
- in 2016 by 5%;
- finally, in 2017, an increase of 24%
Source: Brentford Dock Ltd Estate Income and Expenditure statements for the years Ended 31 March 2014, 2015, 2016, 2017
From May 2013 to the present, the honorarium paid to the Chair has increased by 90%, which is an average of 18% per annum (or 1.5% A MONTH). Surely these significant increases are contrary to the spirit or concept of the original £6,000 “honorarium” agreed by the Brentford Dock Ltd Board and then presented as a fait accompli (accomplished fact) to shareholders? How can the Brentford Dock Ltd Board make the decision to pay what appears to be tantamount to a salary, with such high annual increases and with no reference to the shareholders? This is totally undemocratic.
I WOULD LIKE TO POINT OUT THAT THE CHAIRMAN OF THE CRIMINAL BAR ASSOCIATION OF ENGLAND AND WALES who represents approx. 4,000 employed and self-employed members of the Bar who prosecute and defend the most serious cases across the whole of England and Wales IS PAID AN ANNUAL HONORARIUM OF £15K.”
Veronica Wray would not make any comment or enter into any conversation.
Below are the additional points and questions the Brentford Dock Ltd shareholder would have liked to have made but was not given the opportunity. This is somewhat ironic when Prof. Chris Birch had already told the shareholder that she was “entitled to her opinion”.
What were the financial expectations of this role at the outset?
How on earth can such increases be justified?
Will the honorarium now be frozen or is it anticipated it will be increased once again in April?
If so, will you/the Board be upfront and disclose the amount agreed or what you have in mind? Or are shareholders supposed to wait another year until the papers for the AGM are issued to find out? Are further automatic annual increases envisaged? If so, could these again reach double figures?
Some months ago I recollect there was the suggestion that all Board members receive payment for their services. Has this suggestion been put into effect: are Board members receiving any remuneration or expenses? If so, will you please give details? If not, is the matter under consideration?
An AGM is an appropriate forum to discuss such a significant issue. The shareholder who raised this subject expects the points she made to be fully reported in the Questions and Answers section included with the AGM papers.
