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10:48

Joanna Geary - Good morning and welcome to The Times live blog of Lloyds AGM.

10:49

Joanna Geary - My name is Joanna Geary and I will be organising the blog from London.

10:50

Joanna Geary - Our business correspondent Miles Costello will be reporting live from the AGM in Glasgow from 11am.

10:51

Joanna Geary - Are you a Lloyds shareholder? How do you feel about the takeover of HBOS was dealt with? Please feel free to submit any questions now so that I can pass them to Miles when he arrives.

10:56

Miles Costello - Hi Joanna; hello everyone. I'm in the conference centre. The AGM is about to start.

10:56

Joanna Geary - Hello Miles! I was just about to mention that there were protests outside the AGM. Could you fill us in?

10:56

Miles Costello - Shareholders have been streaming in in their hundreds. I'd say there are comfortably 700 to 800 people here.

10:57

Miles Costello - LTU, Lloyds biggest union is outside. They want the 5,000 or so workers who've been offshored in recent years to come back to the UK. It's mainly IT and processing jobs.

10:58

Miles Costello - They also want Lloyds to guarantee the company's final salary pension scheme; you may have read about this this moring.

10:59

Miles Costello - The board are all seated. We're nearly ready to go. We've been assured we're going to hear the S word, sorry. Not for the takeover, but for the damage done to shareholders.

11:00

Miles Costello - It's likely that Lloyds has put out an AGM statement to the stock market this morning. I haven't seen a copy, but you might paste a link to it if it's out

11:00

Miles Costello - Right. 11.02 and Sir Victor Blank, the chairman, is kicking things off.

11:01

Miles Costello - There will be two sets of votes. Firstly, the remuneration report and the re-election of directors. Then a separate vote on a £4 billion capital-raising.

11:02

[Comment From Adam]
Is there any way this AGM can be watched online? If anyone could forward me a link please?

11:02

Joanna Geary - Adam: this is as live as the coverage from Lloyd's AGM gets!

11:02

Miles Costello - Introductory remarks by Sir Victor. Talking about some of the personnel changes this year. Jan du Plessis - he's gone off to chair Rio Tinto, the miner.

11:04

Miles Costello - Sir Victor is paying tribute to Euan Brown, the senior independent director, who is retiring. Lord Leitch, deputy chairman, will be filling that slot as well.

11:04

Joanna Geary - Adam: Miles will be filling us in on what is happening from the AGM, including shareholder questions and voting results. You will hear it all here first. No one else is reporting live from the AGM.

11:05

Miles Costello - Here we go Sir Victor on his departure. Says he's been Deeply Honoured to work for Lloyds. He says the acquisition will deliver value for shareholders. But the ongoing focus on personalities is not good for business. He wants to concentrate on the bank and its future. Not sure shareholders will be impressed.

11:06

Miles Costello - He's taking this slow and steady is Sir Victor. In no rush... It's the Q&A's of course that will be the interesting bit.

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