Abbey Road to Ruin:
Abbey National is funding the BNRR: Birmingham FOE and the Alliance had the pleasure of attending their AGM
Eight of us - three living within earshot of the BNRR route - attended Abbey National's AGM. Also there were four members of the BNRR Alliance who put questions to the Board - which they did magnificently.
Our aim was to raise shareholder awareness and embarrass Abbey about: 1) the destruction to green belt and communities caused by the BNRR and the futile nature of this in the light of traffic predictions; 2) the likelihood of financial failure - obviously a point of interest even to those shareholders to whom ethical investment is of no concern!
Our stunt outside the Barbican involved a line of bright green Abbey umbrellas reading "NO BNRR" along the "Abbey Road to Ruin". This got radio and TV coverage - and made a positive impact on arriving shareholders who not only accepted our leaflets but stopped to hear more. Nearly every shareholder must have accepted a leaflet.
Local media (what part of the word "embargo" don't they understand?) had informed the Board to expect us. So as we unrolled our Road and unfurled umbrellas, AN's Corporate Affairs Director introduced himself, and said they would "let us" make our presentation and ask our question at a pre-arranged time to ensure other shareholders had their own time to speak. We informed them that they would find several of their "normal" shareholders were also concerned about the BNRR and that they, not BFOE, would be asking questions on this. It was a nice moment as they pretended they had the upper hand by timetabling us in, but we knew... and they knew... and they knew that we knew!
After a plethora of speeches Lord Tugendhat (Chair) gave us the cue for our presentation.
We lined up at the front with the same colourful message we had used outside.
Meanwhile Andy Pryke presented Lord T with the jam, brick and turf, explaining
the symbolism - "New Roads, New Jams", destruction of communities and houses,
and a piece of the destroyed greenbelt - and asking why AN broke their promises
to the Alliance. This was applauded with enthusiasm! Lord T thanked us for the
"courteous way in which we made our protest" (evidently expecting a case of pie-in-the-face.)
The BNRR was by far the biggest single issue in the AGM, generating longer debate,
and being picked up by other questioners as an example of bad practice. Our presentation
and obvious audience support throughout also strengthened our case. Furthermore
the Alliance's questions caused more squirming and embarrassment from the Board
than any other issue.
Dawn Bibby's was the third question - along the lines of "Given Abbey National's environmental policy stated on page x of their annual review, how can AN reconcile this with their funding of the BNRR which destroys 27 miles of Midlands Green Belt?" This was applauded.
The answer was as always: "We feel that the government and MEL are carrying out this road scheme with the highest possible regard for the environment" - cue loud shout of "Rubbish" from a man in the audience.
Bill Hoad's question was as of a shareholder concerned for his dividend: "Why do you think this private toll road will be successful when all others failed?"
In reply Gareth Jones named all the nice worthy projects they were funding such as schools and hospitals. They also said that "other toll projects" were successful, such as the Dartford Bridge and "toll roads in France" (not really a parallel for tax reasons). He said that risk was minimal "even if" the road should fail which was "highly unlikely". Foolishly he ended by saying that many people were impatient for the road to be built as it would relieve congestion, so Bill explained that it wouldn't. GJ's reply was to plug his "favourite" transport mode - rail - as the future of solving the West Midland's traffic problems. SO WHY ARE THEY FUNDING A NEW ROAD??!
Barbara Langford then asked why Abbey broke their promise to her husband to meet with consultants for a presentation on traffic reports. Did their consequential ignorance about this caused them to unwisely fund the BNRR?
GJ claimed he had heard nothing further from the Alliance about this presentation. Barbara replied "Yes you did - I've got a copy of the letter in my bag. And I've got a copy of your response!" This got a big "Oooh!" from the audience and GJ was visibly embarrassed. He said he "recognised that the BNRR was controversial" (really???!) Barbara insisted that he at least read the report prepared for the Highways Agency, which he will be sent.
Next question from Andrew Ross, who asked if the BNRR was underwritten by the government.
There was a silence. Then the Board member said "I don't believe so." Andrew said "Is that a yes?" which got a laugh, and the reply after another silence "The BNRR scheme is not underwritten by the government....... (long pause) Do you have a different view?" Not exactly a reply to inspire confidence in their honesty.
At the end Lord T promised that Abbey would "take on board" our concerns. One director chatted with the Alliance and other people came up to express their support.
Public recognition is growing that the BNRR scheme is massively flawed; that there is very strong public opposition to green belt destruction in the West Midlands; that new roads cannot build us a way out of our traffic problems. This growing awareness will help us against further development of green belt along the BNRR, against future road schemes - and against the belief of companies that they can compromise the interests of local people with impunity.
Meanwhile Abbey were squirming on the platform in their knowledge that they have a money- and popularity- loser on their hands, and are doubtless concerned about the wisdom of this investment.
If you would like to take further action: as a share- or account holder you can write to Abbey National calling upon them to disinvest in the BNRR. Ask them why, if Gareth Jones sees rail as the solution to the West Mids' traffic problems, is Abbey National investing in a road scheme which will compete with potential future rail provision in the West Midlands?
We will continue to pressurise the banks and companies involved this year and next.
Karen Leach