No to pay hike
THE DIRECTORS of Banks Holdings Limited (BHL) want to more than double the fees paid to non-executive directors, but a former Barbados Shipping & Trading (BS&T) boss is leading a fight against the move.
Sir Douglas Lynch, the man who was the face of Barbados Shipping & Trading for several decades, said he was totally against the BHL directors’ plan to pay themselves more money and was rallying fellow shareholders to vote against the resolution when they meet on Tuesday evening at the Lloyd Erskine Sandiford Centre.
BS&T was once the largest conglomerate in Barbados before it was taken over in 2008 by Neal & Massy following a bruising corporate battle with another Trinidadian giant, the ANSA McAL Group.
But five years after the BS&T takeover, Sir Douglas is expressing concern about the direction of another Barbadian company over which the Neal & Massy group has some corporate influence.
The former top executive laid out his concerns in a letter to the WEEKEND NATION, which he also copied to Arthur Lok Jack, chairman of Neal & Massy Holdings in Trinidad, and to Sagicor Financial Corporation, another major shareholder in BHL.