IFA and FBD in stand-off over role for former president
Published 27/09/2016 | 02:30
FBD and the IFA are at loggerheads over the company's refusal to appoint former IFA president Eddie Downey to its board of directors.
Joe Healy, president of the IFA, nominated Mr Downey for the position earlier this year.
The tradition of the IFA president sitting on the FBD board, and receiving a €30,000 director's fee, became a major issue during the election campaign.
However, the company, which offers car, home, business and farm insurance, has not accepted the proposal.
An FBD spokeswomen said the company has always "invited the sitting IFA president" to join the board as a non-executive director.
"FBD has extended this invitation to the recently elected President of IFA, Mr Joe Healy, to join the board as a non-executive director, subject to the approval of the Central Bank," she said. "As an industry leader, democratically elected by the IFA's extensive membership base, they have always brought deep insights to the board into farming and general agricultural industries," she said.
The company said there is "no provision" for the IFA to nominate an individual to serve as a director of FBD.
"This may differ from other companies and organisations where certain IFA officers become directors ex-officio or others, where the IFA actually has the right of nomination," she said.