DIRECTORS of Bord na Mona will not now meet until Friday to consider a report on the remuneration of managing director Dr Eddie O'Connor.
The board meeting scheduled for today has been postponed until Friday, apparently to allow time for Dr O'Connor to me consultants at Price Waterhouse to clarify elements in their draft report. Among the items the consultants want to clarify are payments received by Dr O'Connor for business expenses.
The chairman, Mr Pat Dineen, was not available yesterday. A statement announcing the postponement was "just a matter of information", a spokesman for, Mr Dineen said. "The chairman will not be making any comment, until after the board meeting on Friday," he added.
Asked if legal proceedings or notice of legal proceedings against Mr Dineen and/or the board had been issued by Dr O'Connor, the spokesman answered "no". A Bord na Mona spokesman said he did not know of any proceedings or injunctions against the company, its employees or directors.
A spokesman for the Department of Transport Energy and Communications said he had no knowledge of any legal proceedings.
Only a very small number of people had access to elements of the detailed draft report which was quoted in the Sunday In dependent. Bord na Mona directors were not given the report.
A decision was taken at last Thursday's board meeting not to hand out the report before Dr O'Connor had discussed it with the consultants. In addition to listing spending on jewellery, wine and business expenses, the report appears to have raised a query about the provision of a driver for Dr O'Connor.
Maintaining there was a "dis-honest and concerted attempt" to ruin his reputation, Dr O'Connor said in a statement issued on Sunday evening that he had taken the necessary legal steps to protect whatever is left of my reputation".
The meeting originally scheduled for today was to consider the final report on Dr O'Connor remuneration over the cast nine years. Last Thursday's meeting was adjourned so that the consultants could clarify elements of their draft report with Dr O'Connor.
Sources suggested yesterday that there has not yet been a meeting between Dr O'Connor and the consultants. It was suggested that the board meeting was postphoned to allow more time for this meeting to take place. One source suggested that the board may formally ask Dr O'Connor to meet the consultants, so that the report can be finalised.
At the weekend Dr O'Connor issued a statement maintaining that "the draft report is fundamentally flawed".
His argument was that the inclusion in the report of his business expenses, "which were of no benefit to me personally", went beyond the terms of reference.
However, the board and the Minister for Transport, Energy and Communications, Mr Lowry are understood to be happy that the report is within the terms off reference set for the consultants. It appears that the board, when it commissioned the second report, decided to widen the terms of investigation by the accountants.
The draft report shows that payments to Dr O'Connor, including his business expenses and pension contributions, came to £1.87 million over the nine year period. Dr O'Connor said his total remuneration salary, bonuses, board fees' and personal and unvouched expenses over the nine year period was no more than £750,000.
