The shareholders of Guinness Nigeria Plc have expressed dissatisfaction over the companys business policies.The shareholders, who described the companys policies as unfriendly, noted that it was important for Guinness to develop policies that would improve its business. Speaking during the companys annual general meeting on Friday, the shareholders agreed that the company had to properly position its activities to further increase its profitability. A shareholder, Mr. Gbadebo Olatokunbo, berated the management of the company for its inability to increase the number of its breweries across the country, saying that the companys inability to expand to other locations would bring about a huge cost burden on it, especially in the distribution of its products across the country. Olatokunbo added that there was also the need for the company to work towards a reduction in the amount owed it by debtors. Another shareholder of the company, Mr. Nornah Awoh, for instance, said that the amount the company spent on its overseas shareholders and expatriate partners could be used locally to boost its operations. He, therefore, called on the companys management to immediately take steps to source some of its raw materials locally, in line with the Federal Governments local content initiative. He also expressed concerns over the amount paid to the core investor, in spite of the huge dividend accruable to the foreign investors on a yearly basis. Importantly, he asked the management to develop processes and effective policies that ensured a reduction in the amount paid as fees to expatriates. The National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, advised the company on the need to reward shareholders with bonus in the next financial year, considering its huge reserves. In his comments, the Chairman, Guinness Nigeria, Mr. Babatunde Savage, said the company was considering ways to bring down its cost significantly. According to him, along this line, the company has undertaken a number of measures that would soon start yielding positive results. He said the company had started integrating Nigerians into its leadership programme, noting that at least, three Nigerians were currently holding chief executive positions in Guinness offices in some countries while a number of Nigerians were holding key positions in many other countries. He said the company would consider the issue of bonus and would continually promote and respect the interest of its shareholders, as well as contribute meaningfully to the growth and development of the Nigerian economy. The company in had recorded N18bn as profit after tax for the year under focus, compared to N13.74bn profit recorded the previous year. Its turnover also stood at N123.66bn as against N109.367bn the preceding year.
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