Dissidents at One51 call on non-execs to be vigilant
Published 11/09/2010 | 05:00
THE leader of the dissident shareholders at investment company One51 yesterday called on the non-executive directors to make good on their promise to maintain corporate governance at the firm.
Gerry Killen said that while the 'Campaign for Change at One51' had not succeeded in formally winning concessions from the company, he hoped the non-executive directors would play the role they had said they would at the recent annual general meeting.
"I would hope that Noel Cawley, Ivan Yates, and the other non-execs make good on what they said to the shareholders at the AGM and maintain vigilance on the corporate governance at the company," he said.
Dr Cawley, the chairman of state agricultural body Teagasc, and former Fine Gael TD Ivan Yates had admitted to concerns about the running of the firm and pledged to play a greater role in the business.
Mr Killen also questioned the validity of a report by Bloxham Stockbrokers which valued the company at more than double its current shareprice on the grey market of €1.95 as it was carried out before the AGM.
One51 said it abided by new corporate governance regulations required for all publicly traded companies and added that they stood by Bloxham's report.