Dear Sir,

I refer to an article in the Business section of the Gazette (July 29), wherein a quote by Barclay Simmons, Butterfield’s vice-chairman and a senior independent director is quoted as saying: “Since Brendan [McDonagh] took on the CEO role, he has focused relentlessly on rebuilding value for shareholders.”

If a recent drop of share value of 25 per cent (subsequently reduced to 12.5 per cent) is a measure of this, then the Butterfield board needs to take a serious look at exactly what they have, or have not, accomplished.

Butterfield’s small shareholders, who are mostly locals, were seriously disadvantaged a few weeks ago when an inside deal between the bank’s two largest shareholders was not offered to them.

Apparently, this was on the basis that there were too many small shareholders to consider, and that the offering would have been so small as to be insignificant. They should have been offered the choice.

TICKED OFF SHAREHOLDER