FBD Holdings held an EGM on Wednesday for shareholders to approve all appointments made since the last AGM. Over the past year, FBD has been strengthening its board with the addition of five new members: Mary Brennan, Dermot Browne, Orlagh Hunt, David O’Connor and John O Grady. The Dealer was surprised to see that former president of the IFA Eddie Downey, who was nominated by the IFA, was not included on the list. FBD has always invited the president of the IFA to sit on its board and Downey did so during his tenure. When the invitation was recently extended to current president Joe Healy, it is understood that Healy – having enough on his plate with governance and income issues at the IFA – declined the position.
FBD Holdings held an EGM on Wednesday for shareholders to approve all appointments made since the last AGM. Over the past year, FBD has been strengthening its board with the addition of five new members: Mary Brennan, Dermot Browne, Orlagh Hunt, David O’Connor and John O Grady.
The Dealer was surprised to see that former president of the IFA Eddie Downey, who was nominated by the IFA, was not included on the list. FBD has always invited the president of the IFA to sit on its board and Downey did so during his tenure. When the invitation was recently extended to current president Joe Healy, it is understood that Healy – having enough on his plate with governance and income issues at the IFA – declined the position.
Following his decision, it was proposed at an IFA executive council meeting that Downey would be proposed to sit on the FBD board. However, as the seat is not an IFA seat and has historically been an invitation to the president, it transpires that the board and chair of FBD, Michael Berkery, did not accept the IFA’s nomination. This comes as a blow to Downey and the IFA as it now runs the risk of losing the seat on the board of the country’s largest farm insurer. FBD CEO Fiona Muldoon recently told the Irish Farmers Journal at the announcement of interim results that she feels it is important there is farmer representation on the board.
FBD board members receive €40,000 per year for sitting on the board. As Berkery serves out his final months after 20 years as chair of FBD, The Dealer hears that his replacement already sits on the board, with Liam Herlihy, ex-chair of Glanbia, the strong favourite to take the reins next April.
The five new board members are no lightweights. Hunt has worked for AIB and other insurance companies and will join the remuneration committee. Brennan has worked in audit in a number of publicly listed companies, including Elan plc and insurance companies, and will join the audit committee. O’Grady is the new CFO and comes from Liberty Insurance Ltd. Browne was CEO of Aviva Ireland, while O’Connor has worked for Allianz Ireland.
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