Over the long-term, dividend growth and dividend yield are the dominant sources of long-term return. Valuation’s importance recedes over time. Therefore, one of the most important decisions taken around the boardroom table is the annual dividend declaration. This is where the board link past success with optimism for the future. Re-investing too much can lead to sub-optimal capital allocation whereas paying out too much can impact upon long-term business growth. Sustainable dividend growth companies appear to play defence well, as this cohort provides th...