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EBS Says Ethna “Resigned”!

Posted on: April 25th, 2007

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.

Ted’s company secretary, Emer Finnan, wrote to Ethna last week, claiming that the Financial Regulator “required” her to sign a statement stating that she had “resigned” from the board.

But this requirement is a fiction.

Were Ted and Emer awake at the AGM at all? Or was Ted too busy swooning at the words of his wife? Ethna has not resigned, is not resigning and will not resign. She was shafted.

According to the Financial Regulator, there is no “requirement” for Ethna to sign anything. It is the obligation of the EBS – not Ethna – to inform it of her departure. True to form, the EBS board appears ignorant of this.

But the EBS has another obligation – to inform Ethna of her right to report the reasons for her departure and to discuss them with the Regulator. Perhaps the EBS could fulfil this requirement in due course? Ted and his company secretary have made a fresh boo- boo.

Once again, Ted should have consulted the missus first.