EBS - Voting for the Board

EBS are holding their AGM on Fri. 29 May. Unlike the banks and IL&P, EBS members have equal voting power so these elections are not a formality. No wonder the Fergus Murphy, the CEO, is worried.

irishtimes.com/newspaper/finance/2009/0516/1224246701196.html

In fairness to Murphy, he arrived in EBS in January 2008 when the damage was already done. Mark Moran, the Chairman, was at the helm during the years when EBS lost sight of its roots and its values and began lending to commercial developers. He knows that his friends in the other financial institutions can’t protect him from his own members so he has decided to step down.

I am inclined to vote for an external candidate but it would be strange to have a CEO who was not on the Board.

Has anyone cast their vote as yet?

Members not attending can cast postal votes

Been with EBS for 20 years, and have seen service get worse with every year… (I mean, if I wanted to be treated with this much contempt I would have stayed banking with one of the big two)

So anyways, voted for the 3 external candidates only

The news about the 37% write-down of EBS commerical developlment loans has overshadowed an important development at the EBS AGM on Friday.

This was a clear verdict into EBS’s sub-prime mortgage venture. Members also elected two external candidates to the Board:

There was some pressure to resign on Board members Cathal Magee, who chaired the EBS risk committee, Eimear Finneran, who oversaw strategy, and Barbara Patton, head of the remuneration committee. The three “acknowledged that the question was valid and said that they had considered their positions, but stressed that continuity was important.”

Magee seems to leave the issue open saying that “once they had brought forward new directors, it would be “timely” to consider their own position”.

Ms Patten was re-elected but only just, with 5,934 votes, against 5,700 for the third external candidate, Mark Connolly.

It all goes to show the difference between a mutual like EBS where members have equal votes and the PLCs where the small investors have so leverage.
irishtimes.com/newspaper/finance/2009/0530/1224247747069.html

A “flyer” came through my door yesterday from Mark Connolly saying he is a candidate forthe Board of Directors in 2010 having lost out very narrowly in 2009.
Very nice “flyer” great picture of a lifeboat,in stormy seas in bold print
BANKS/BUILDING SOCIETIES IN CHOPPY WATERS.
Expensive undertaking i would have thought