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Archive for the ‘EBS Controversy’ Category

Ethna KOs cronies at EBS

A bloody nose for EBS chairman Mark Moran and his crew of cronies. The EBS AGM sees challenger Ethna Tinney wipe the floor with his nominees, romping home several thousand votes ahead of them. Mark fails to fall on his sword, despite his known opposition to Ethna. ‘Resignation’ is an unknown word in the lexicon of the EBS.

The members have sent a clear message: Mark’s refusal to recommend Ethna has been resoundingly rejected. Yet he and his band of third-raters all have the brass neck to soldier on. God help the EBS.


‘X’ marks spot to save EBS

HIGH noon beckons in the EBS board of directors’ shootout. How should we vote?

Let me break the habit of a lifetime. And be a bit balanced.

Now for my first effort at balance: Fergus Murphy, the new kid on the block at the EBS could be a breath of fresh air. There are signs that Fergus may be opening up Fortress EBS.

For a second bit of balance: not all six candidates recommended for election by EBS chairman Mark Moran are unsuitable for office; one or two are even blessed with talent.

Better still, not all of them voted for the departed boss Ted McGovern’s outrageous €1.9m pay-off last year. Some of them did. Others were, happily, not yet on the board.

Remember Ted’s shock parting package, as revealed in the Sunday Independent? It is a shameful monument to Mark Moran’s regime, a mockery of the members.

Unfortunately, the EBS ringmaster, Mark himself, will not seek re-election this year. We will have to wait until 2009 for that spicy little contest.

Enough of balance for now. Down to business. You ought to have received your EBS ballot. It should be returned in good time for the AGM on April 14.


D4 Hostess Eyes Ethna’s Seat

Nominations closed yesterday week for the shoot-out at the EBS board of directors. The victim of last year’s board shafting, Ethna Tinney, handed in her nomination (read about last year’s battle with the board here). She alone is carrying the flag for the members.

Ethna is no certainty. Peculiar characters are throwing shapes. Not only are a few of the current board cabal seeking re-election, but according to my EBS mole there could be dark horse candidates, comfortable in either camp.
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She Hasn’t Gone Away You Know!

EBS chairman Mark Moran and his house-trained hit squad thought they had quelled the rebellion of EBS members. The well-heeled EBS board, who all profess to love mutuality, have been quietly plotting a peaceful AGM in April.
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Wounded by the 2006 outing – an awkward little exercise in democracy – they have been cooking up a concoction. No effort has been spared to prevent another debacle like last year’s bruising bash in the Burlington.

There are two words Mark and his wealthy cronies dread: the two words are ‘Ethna’ and ‘Tinney’.


Is There Anybody In At The EBS?

All is calm at the good ship EBS. As the financial sector worldwide weathers a week of turmoil, Ireland‘s last mutual hardly notices. All is so calm that the EBS has still not found a new boss. Poor Ted McGovern announced his departure four months ago but the search for a successor has drawn a blank – no one wants Ted’s €760,000-a-year job.

A few weeks ago chairman Mark Moran told journalists that the appointment was “imminent.” Now he is muttering about January.


Trinity Seanad Election 2007: With Friends Like These?

“Time to get yourself re-elected to the Seanad,” says she. “Target a section of the TCD constituency and go for it.” “Where shall I start?” I ask. “All the lefties and bearded trade unionists cross the street to avoid me. I seem to have offended them.”

“You should have thought of that before you went seeking their votes,” says she. “Well, at least the business crew will back you.” “They will be a doddle,” I reply unconvincingly, pointing out that many Trinity College graduates have risen to the top of Irish business.


Saddam Hussein Would Be Envious of Democracy CRH-Style

About four hundred well-heeled shareholders showed up for the CRH AGM bang in the centre of Ballsbridge recently. They were ducking no one. The board was on parade. The contrast with the attendance at the recent EBS annual meeting could not have been starker. EBS members look less prosperous, more downtrodden mainly because they are. At the EBS shootout there was sedition in the air. Down at CRH there was middle- class contentment. The shareholders were anaesthetised, high on healthy profits.

CRH was even making the news last week. John Magnier and JP McManus were rumoured to be in the market for shares. Nothing was more certain to provoke a bit of colour and comment at the AGM. The two musketeers had sent the share price north. The board was sure to be forced to clarify the rumours.

EBS Says Ethna “Resigned”!

EBS chairman Mark Moran admits there are “lessons to learn” from his board’s inelegant execution of Ethna Tinney. The first is that the boss, Ted McGovern, should keep his missus away from AGMs . Her intervention at the AGM caused a stir – not least because few, except Ted, knew that she was the boss’s wife. (read about her intervention here)

But it seems there is a second lesson for the EBS. It should learn the rules.

Let the Missus do the Talking for the EBS

It was midway through the roasting of Ted McGovern, the €760,000-a-year EBS boss, at last Monday’s AGM when a well-groomed woman rose to speak. Ted beamed. Only a few minutes earlier the masses had been shaping to storm the platform.

She was no friend of Ethna Tinney, the EBS board’s victim. She supported the board and above all she admired Ted. This was a hook against the head for the board. A surprise ally. Was the well-tailored woman another loyal victim of the EBS, I wondered? Or just a board stooge, a plant in a hostile audience?

Tinney Shafted; EBS Stumbles On

When Ethna Tinney lost her bid to be re-elected to the board of the EBS, Chairman Mark Moran said afterwards that the vote was a “clear mandate for the board and a clear outcome.” To remind you, Mark is refering to a margin of victory of just 835 votes from a total of almost 20,000 ballots.

Yet the outcome isn’t nearly as clear as Mark claims. Tinney won the day. Out of the 1,200 people in attendance at the meeting, the vast majority supported her. Why else would Mark refuse to put the vote to the floor before counting ballots?