Читать книгу The Dividend Investor - Rodney Hobson - Страница 14

Technically the size of the dividend is decided by the shareholders in a vote at the Annual General Meeting (AGM). Interim dividends, decided by the board of directors, can be paid during the course of the year but the final dividend is not paid until approved by the AGM.

The agenda for the meeting may include a motion for shareholders to confirm any interim dividends already paid and to approve a final dividend recommended by the directors. Often, however, the dividend is not even mentioned on the agenda and shareholders are simply asked to approve the report and accounts, which includes details of the dividends.

It is clearly impossible to try to vote down the interim dividend and attempt to claw the money back from shareholders, some of whom will have subsequently sold their shares, although in theory the proposed final dividend could be rejected.

In reality, the board of directors decide on a figure for the interim and final dividends and this recommendation is nodded through by the shareholders.

As Table 1.2 covering AGMs held in 2011 shows, the dividend is almost invariably passed by a very large majority even where shareholders express their disquiet over, or openly revolt against, an issue such as directors’ pay.