And what of the Quinn Group’s former Non Executive Directors?

Unsurprisingly, a lot of news focus has been on the Quinn family and the income they’ve derived out the various family businesses… and the Irish court systems various attempts to trace what’s happening to current income from holdings in Russia…

But of course, in theory at least he was not the only one driving the business, or responsible for its general oversight. So what of Pat O’Neill, chairman of Quinn Group Holdco Limited (QGHL) who quietly faded from view this February?

Or even those former Board members who stepped down from Quinn Insurance back in June 2010? NED’s are intended to provide independent oversight and a challenge function to the executive team. In this case, it would seem that some of them must have seriously taken their eyes off the ball…

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  • L R MacKenzie

    Yes, of course, NEDs are intended to provide a challenge function and to ensure they keep their eyes firmly fixed on the ball.

  • Mick Fealty

    Absolutely Laurence.

    In fact it is, as I am sure you know, a NEDs legal obligation to give anyone on the executive merry hell if there are things they believe are not being done correctly by that team…

  • Skinner

    legal obligation to whom though? to the shareholders presumably, and we know what their answer would have been…

  • Yes, of course, NEDs are intended to provide a challenge function and to ensure they keep their eyes firmly fixed on the ball.

    Not quite the full picture.

    As you say yourself as Managing Director of Winder Power Ltd, you are responsible to the Board of Directors for the formulation, development and implementation of the strategy of the business.

    NEDs are responsible for challenging, determining and monitoring.

  • Mick Fealty

    articles,

    Fair enough, but I think it’s a poor reward for Laurence’s candour for you to then personalise it back to him, given none of us know who you are. Nor, I might say, should we care!

    Just keep your eye on the ball…

  • L R MacKenzie

    From Skinner; 2 Aug at 1.40pm.

    legal obligation to whom though? to the shareholders presumably, and we know what their answer would have been…

    Skinner that is a very reasonable question. I am a Chartered Accountant with a lot of experience on company Boards, including PLCs. The key thing is that Directors must act in the interests of their Company, i.e they have to act with care and skill as Directors of the
    Company. The law makes no distinction between Executive and non-Executive Directors in this respect. If someone is sitting round a board table and is not happy with what they see in front of them, as Mick says they have an obligation to challenge that. He uses a term I wouldn’t probably use!! From my experience this is where the Chairman’s role is absolutely key. The Chairman must encourage openness and allow people to speak up. There has been a whole raft of guidance on all this stuff in the past fifteen years; all brought together in the Combined Code on Corporate Goveranance.

  • Mick

    No personalisation intended nor indeed I think evident, merely placing the comment in context.  Corporate governance is either holistic or cosmetic. It’s not us and them.

  • ArdoyneUnionist

    Seems the gaa connection runs through this saga.

    “The directors who have stepped down include: Quinn Group chief executive Liam McCaffrey, former GAA president Peter Quinn, who is a brother of Seán Quinn; and non-executives Brendan Tuohy and Pat O’Neill. But the company has appointed David Mackey as a non-executive director. Mr Mackey is chief executive of Cavan-based property development group P Elliott & Co, and was formerly the chief executive of Quinn Group, the newpaper reports”.
    http://www.insuranceage.co.uk/insurance-age/news/1653477/directors-leave-quinn-group
    Mr Mackey who was appointed non-executive director Mr Mackey is chief executive of Cavan-based property development group P Elliott & Co,

    “THE LENDER formerly known as Bank of Scotland (Ireland) has appointed a receiver to building company P Elliott, taking control of the firm’s head office in Cavan over debts of about €20 million”.
    http://www.irishtimes.com/newspaper/finance/2011/1230/1224309630940.html

    “P Elliott & Company is proud of its strong links with the GAA with Noel (junior), Mark and Darragh Elliott all immersed in the local football scene in Cavan. The company’s chief executive, Donegal native Dave Mackey, is a member of the Croke Park Executive Committee, a voluntary body which was set up to deal with the day-to-day running of GAA headquarters. Dave was appointed as its first chairman in 2001 and held the position until last year when he was succeeded by his close friend and colleague, Hugh Cawley. Dave has remained a member of the Executive Committee and continues to take an active part in all of its activities”
    http://www.hoganstand.com/cavan/ArticleForm.aspx?ID=96706

  • dwatch

    GAA distances itself from Quinn family

    The GAA last night moved to distance themselves from public shows of support for the Quinn family.

    Read more: http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/gaa-distances-itself-from-quinn-family-16193793.html#ixzz22ZUMiY3I