ICTU chief Begg re-appointed to board
Published 01/02/2011 | 05:00
AER Lingus has re-appointed Irish Congress of Trade Unions general secretary David Begg as a non-executive director to its board after his term as an ESOT-nominated director expired.
The Employee Share Ownership Trust at the airline no longer has a right to nominate directors to the board after its shareholding fell below the required threshold to do so.
That occurred in December after Aer Lingus inked a deal to clear the ESOT's €25m in debts and in return absolve the airline from paying a share of any future profits to the ESOT. The 66 million shares held by the ESOT were then distributed to its 4,700 beneficiaries.
Aer Lingus chairman Colm Barrington said that Mr Begg had "significantly contributed" to the board since his initial appointment in 2008.
Ryanair deputy chief executive Howard Millar said the appointment was a matter for the Aer Lingus board, but added that the former State-owned airline retains a board that is too large for a company of its size.