FBD Holdings PLC Board Reorganisation (3743Q)
February 29 2016 - 2:01AM
UK Regulatory
TIDMFBH
RNS Number : 3743Q
FBD Holdings PLC
29 February 2016
FBD Holdings plc
29 February 2016
Board Reorganisation
FBD Holdings plc ("FBD" or the "Group") today announces changes
to its governance arrangements which were approved by the Directors
on 26 February 2016.
"One Board"
The Group and its principal subsidiary, FBD Insurance plc will
have a board comprised of the same directors and the dual board
structure currently in operation will be retired. This new
structure will be implemented over the coming months as
appointments are made and regulatory approvals obtained.
This change reflects FBD's business mix following the disposal
of the Group's property and leisure joint venture during 2015. The
Group's operations are now concentrated in its general insurance
subsidiary, FBD Insurance plc, and its life, pensions and
investment intermediary, FBD Financial Solutions.
Implementation Arrangements
The Group Chairman, Mr. Michael Berkery, will ensure continuity
as the reorganisation proceeds. He has indicated that he will
retire from the Board at the Annual General Meeting in 2017.
Ms. Emer Daly, Mr. Eddie Downey, Ms. Brid Horan and Mr. Ruairí
O'Flynn will continue in office until 29 April 2016, but will not
be putting themselves forward for re-election at the Annual General
Meeting. This is for a variety of reasons, including the regulatory
limit in Ireland on the number of directorships of financial
undertakings which can be held by any individual. They will cease
to hold office from the conclusion of the 2016 Annual General
Meeting.
Appointment to the Board
Mr. Walter Bogaerts has been appointed to the Board of FBD
Holdings plc with immediate effect. Mr. Bogaerts was appointed as
an independent non-executive Director of FBD Insurance plc in
January 2013 and is chairman of its risk committee and a member of
both its audit and remuneration committees.
Mr. Bogaerts is the holder of a Masters Commercial Engineer
Degree from the Economic University of Brussels. He worked for the
KBC Insurance Group in Belgium for 34 years. He retired from a
senior executive role in 2013 having served in a variety of roles
during his career in underwriting, reinsurance, sales and general
management. Between 2006 and 2012, Mr. Bogaerts was a member of the
supervisory board of KBC's central European insurance business.
Other Appointments
The Group is well advanced in making an additional appointment
to the Board and will make an announcement once this has been
unconditionally confirmed.
The Nomination Committee is actively working with the assistance
of an external search firm, Amrop, to identify other suitable
candidates, both domestically and internationally, for appointment
as independent non-executive Directors, with experience and skills
in insurance and other relevant disciplines.
Speaking at the announcement of these governance changes FBD
Holdings Chairman, Mr. Michael Berkery, said:
"FBD Group is today a more streamlined business than at any time
since I have been Chairman, following the disposal of non-core
activities over recent years. This requires an appropriate
governance structure and today's announcement of a move towards one
board is a very significant step towards this.
Subject to my re-election at the 2016 Annual General Meeting, I
intend to use my last year as Chairman to complete these changes
and to ensure an orderly handover of responsibility to the next
chairman.
I want to record mine and the Board's deep appreciation to Ms.
Daly, Mr. Downey, Ms. Horan and Mr. O'Flynn for their valued input
to the Group since their appointments. They have contributed hugely
to FBD and I want to wish each of them continued success in the
future.
I want also to welcome Mr. Bogaerts to the Group board. He has
very significant international insurance experience of great
benefit to the Group and has been a significant contributor to the
FBD Insurance board since his appointment three years ago."
Ends
Disclosures required under the Listing Rules
FBD confirms that:
1. There are no details requiring disclosure in respect of Mr.
Bogaerts under listing rule 6.6.7 (2) to (6) of the Irish Stock
Exchange; and
2. There are no details requiring disclosure in respect of Mr.
Bogaerts under listing rule 9.6.13 (2) to (6) of the UK Listing
Authority.
For Reference Telephone
FBD Holdings plc
Conor Gouldson, Company
Secretary +353 1 409 3208
Powerscourt
Jack Hickey +353 1 669 4633
FBD Holdings plc FBD House, Bluebell, Dublin 12
Registered in Dublin, Ireland Registered Number
135882
This information is provided by RNS
The company news service from the London Stock Exchange
END
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