Downey and Bergin together again

Farmer Business Developments plc held its AGM last Friday, with two familiar faces elected to the board.

Most people find FBD’s structure as confusing as Glanbia’s – allow me to explain. Farmer Business Developments plc is widely referred to as “the co-op”. There are 3,500 odd farmer shareholders. The co-op board is 14-strong, with five nominations from dairy co-ops, three from the IFA, and six positions filled by the shareholders. It owns 25% of the insurance company, which is officially known as FBD Insurance.

Then there is the FBD Trust, which holds 11% of the co-op shareholding and 9% of the insurance company. This gives the trust, chaired by Michael Berkery, effective control over the shareholder nominations for the co-op board.

Nominees

The current nominees are Padraig Walshe, who chairs the co-op, Jack Bayly, James Kane, TJ Maher, and John McCullen. Hugh Ryan stepped down after 30 years’ service with the trust supporting the candidacy of Jer Bergin to succeed him.

Eddie Downey was nominated to fill one of the IFA’s positions.

This almost completes Downey’s rehabilitation. He was recently appointed to Fine Gael’s agriculture committee.

However, all is not forgotten – Downey was the only person at the AGM to oppose the nomination of Bergin to the board. Bergin and Downey have had a difficult relationship since they contested the IFA presidency in 2013.

While we are none the wiser as to who was driving the bus Downey famously declared he was thrown under, it seems Eddie believes Bergin was on board, and he has not been forgiven.

IFA influence

Bergin and Downey won’t need much time to acclimatise to their surroundings, as the IFA influence is near absolute.

John Bryan, and Padraig Walshe are past presidents, Barry Donnelly is the son of a past president. The others, with the exception of Jack Bayly, who has been on the board for 28 years, all once held key IFA positions. IFA membership is required in order to become a shareholder.

Bergin will find it hard to talk drystock farming around the boardroom table. With Downey now milking cows with his son Patrick, and John Bryan on the road to dairy conversion, only John McCullen remains as a non-dairy farmer. Not only a closed herd, but a Friesian one.