What is the point of AGMs? None whatsoever if all the board is going to sit there like stuffed dummies. That was the verdict of one disgruntled shareholder at this year's MISYS AGM.
It had all started off quite boringly in the gilt-and-crimson splendour of the Grocers' Hall in the City. Kevin Lomax, chairman of MISYS, rose to address an audience of fewer than 50 shareholders - the tea-and-biscuit brigade, who turn up as much for the hospitality as any interest in the company itself.
Lomax didn't exactly cover himself in glory, reading from a precisely worded script (clearly written by his brokers). There was almost no eye contact with the audience and none from the board, who looked thoroughly shifty. One of them, Tony Alexander, held his head in his hands for much of Lomax's remarks - surely no demonstration of support for his chairman.