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Independent.ie

Tuesday 6 December 2016

Healy back onto board at FBD Plc

Published 29/06/2016 | 02:30

IFA President Joe Healy. Photo: Finbarr O'Rourke
IFA President Joe Healy. Photo: Finbarr O'Rourke

IFA president Joe Healy has retained his seat on the board of directors at Farmer Business Developments Plc, the company that owns 26pc of FBD Insurance, along with various hotel and development properties.

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The re-election of the IFA leader and Jack Bayly at last week's AGM ended the attempt by Donegal farmer and shareholder Brian Marshall to secure a seat on the 17-man board of directors.

Directors receive annual fees of €6,600 plus expenses, while total board fees last year were €116,000.

The company, which controls assets worth €178m, has no audit or remuneration committee.

It reported profits of €11.5m last year.

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Shares in the company traded at 80c per share last year, with a 5c annual dividend in recent years.

Profits took a hit in recent years with the slide in fortunes at FBD Insurance, which necessitated the purchase of 50pc of a hotel portfolio costing €48.5m.

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The IFA, which holds a 1pc stake in Developments' plc, controls almost 30pc of the board, although this is expected to reduce to 17pc when board structural changes are implemented over the next four years.

Indeed nine of the 17 board members are current or former leaders of IFA and Macra. The company plans to reduce the number of directors by five by 2020, when IFA nominees will be reduced from five to two.

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