DividendsBCE dividends will come from capex reduction and personnel reductions. They have already cut +5000 positions which will pay dividends this year with likely more to come (5000 x 100,000=500 million). They are reducing capex by $XXX, say 1 - 2 billion?? So the apparent shortfall is gone.
It seems to me that since Mirko is still employed that the BOD and major institutional shareholders have a clearer picture than any one of us retaill investors, which they usually do. Retail is always the last to find out! Payout ratios are very subjective, particularly with capex intensive companies. However, capex is variable as the infrastructure matures. We can banter back and forth and discuss the merits or lack of a dividend cut, but in the end the Board will decide, not shareholders. In the meantime enjoy the dividend.