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Wednesday July 16th 2008. Posted: 15:42
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Ian Livingston told shareholders how proud he was to be BT’s chief executive at today's AGM
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BT is now the most successful growth-oriented telecoms company in the world, Ian Livingston told shareholders in his first annual general meeting (AGM) as BT chief executive today (Wednesday).
Speaking to a well-attended AGM at the Barbican Centre in London, Ian told shareholders how proud he was to be BT’s chief executive. Outlining the significant turnaround BT has made in the past few years - with 24 consecutive quarters of growth - Ian said the company’s key priorities are ensuring it is number one for customer service, investment in network platforms globally and making sure BT responds to the market and customer needs with greater agility. Already positive changes are being made, he said, but BT is well aware many more improvements are still required. Ian said: “Our right-first-time programme has already delivered benefits - first quarter of this year dissatisfaction with repairs was down by a quarter and complaint volumes have reduced 17 per cent. We are getting it right more often and commitment to making even more improvements will be our biggest priority over the next year.” Ian illustrated BT’s commitment to investing in new network platforms with this week’s announcement to invest £1.5 billion in the creation of ten million super-fast broadband lines by 2012. But he also cautioned that BT needed clarity from regulators and the government about the terms under which BT would make this investment, to protect the interests of the company and its shareholders. As for agility, Ian said BT had come a long way since privatisation and has not done badly so far. “But we’re not as quick as the best companies,” he said. “We need to be quicker to respond and to deliver and make decisions. We want our people thinking like a small business so they are close to the customers and understand about making quick decisions.” Fifteen resolutions in all were voted upon and carried by shareholders. These included ordinary business resolutions concerning the report and accounts, the directors’ remuneration report, the final dividend, and re-election to the board of finance director Hanif Lalani and non-executive director Carl Symon. Shareholders also voted to carry resolutions to elect chairman Mike Rake and BT Retail chief executive Gavin Patterson, as well as new non-executive directors Eric Daniels and Patricia Hewitt MP. Special business resolutions were also carried which renewed the board’s powers for another year to take actions on behalf of shareholders under the terms of BT’s articles of association. There was a bumper selection of questions from shareholders as the resolutions were considered. These included repeated questions from one shareholder about the Webwise application BT has trialled with some customers. BT Retail chief executive Gavin Patterson reiterated that the company had taken legal advice on the previous trials conducted in 2006 and 2007 and had consulted the Information Commissioner and it was found BT had no case to answer. Gavin also confirmed fresh trials were planned for an application that will provide more relevant advertising to customers and protect them from phishing and other abuses of their privacy.
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