The Dividend Was Paid For Twenty-Two Years. The Last Four It Came From Reserves Not Earnings. The Shareholders Did Not Know.

Caldwell Consumer Group paid dividends for twenty-two years, but from 2017 to 2020, these payments came from reserves rather than earnings, unbeknownst to shareholders. Sandra Hewitt, the Finance Director, signed off on these accounts while grappling with the ethics of accurate versus honest reporting.