Friday 19 January 2018

Tullow chairman bids adieu to happy shareholders

THE man who has every reason to be considered Ireland's most successful company chairman bid farewell to shareholders in Dublin yesterday.

Pat Plunkett, the chairman of Tullow Oil for the past 10 years, received a round of applause from happy shareholders when he bid them adieu at the company's annual shareholder briefing for Irish shareholders who can't travel to London for the company's yearly general meeting.

Mr Plunkett -- who cut his teeth in ABN Amro and joined Tullow's board 12 years ago -- has been a steady hand while the company expanded from North Sea minnow to Africa's largest oil company.

"Next year, I'll be down there with you, a happy shareholder," said the owner of 760,000 Tullow shares.

The company has not yet begun looking for a replacement to fill the £200,000-a-year (€226,000) position, chief executive Aidan Heavey told reporters afterwards.

Rabbitte out of a hat

Energy Minister Pat Rabbitte did not stray far when it came to appointing the new chairman of the Commission for Energy Regulation (CER).

Mr Rabbitte told the Energy Ireland conference in Dublin this week that he has appointed Dermot Nolan to succeed Michael Tutty to the top post.

Mr Nolan's lead responsibilities within the CER have been the regulation of retail gas and electricity and smart metering.

He is also responsible for the CER's strategic and business planning.

Mr Tutty, a former Department of Finance mandarin, also replaced his boss at the CER.

Gallic shrugs

The French Chamber of Commerce held a lively meeting this week for members which included several entertaining presentations from the likes of Renault Ireland boss Eric Basset and Pierre Eymery from water giant Veolia.

Renault's Basset essentially told the seminar with many a Gallic shrug that business here was nimble, while business in France was better organised but much too centralised.

Credit is so bad here, he added, that "we 'ave decided to open a bank 'ere" to help drivers buy Renault cars.

It seems to be working, judging by Renault's rapidly increasing market share, which now stands at 10pc.

The chamber has two interesting guest speakers this month: Europe Minister Lucinda Creighton and Foreign Affairs Minister Eamon Gilmore.

Could this have any connection to the present spat between Dublin and Paris over corporation tax?

Irish Independent

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