The names that have so far emerged as being on an official list allegedly associated with Ansbacher (Cayman) Ltd, College Trustees, or companies linked to them, is like a who's who of Irish business in the 1970s, 1980s and 1990s.
They range from chairmen or directors of the State's largest banks to chairmen of State-owned commercial companies and State advisory bodies to the top echelons of public companies.
The series of directorships held by some of those whose names are already in the public domain is an indication of how limited the top circle of Irish business was in the 1970s and 1980s and into the 1990s. For example, Mr Jim Culliton was a director of CRH, a chairman of AIB and of the RTE Authority; Mr Michael Dargan was a chairman of CRH, of the Fitzwilton Group, a director of Bank of Ireland and a chief executive of Aer Lingus; Mr Tony Barry is chairman of CRH, a director of Bank of Ireland, Greencore and DCC.
An examination of the membership of the boards of the biggest public and State-owned companies today shows in most cases that the top business circle remains the preserve of a relatively limited number of people. That is not to suggest that all or even most of the members of the top business circle had anything to do with the Ansbacher accounts or that there is necessarily anything sinister in people holding a number of directorships.
But it suggests that governance of the State's top companies still remains in the hands of a relatively small group, often from similar backgrounds and with broadly similar education, who socialise together and, in general terms, seem to perpetuate their own presence at director-level by appointing each other to different boards. It is interesting to look at a sample of the cross-directorships in Irish business today.
A number of the Jefferson Smurfit Group directors hold other directorships: a former EU commissioner Mr Ray McSharry, who came to business from politics, is also chairman of Eircom, a director of the Bank of Ireland, Ryanair and Green Property and chairman of London City Airport, the airport controlled by companies associated with Mr Dermot Desmond. Mr Howard Kilroy, who retired as Smurfit president and chief operations officer in 1995, is governor of the Bank of Ireland, and a director of CRH. Smurfit president and chief operations officer Mr Paddy Wright is a director of Aer Lingus. Ms Mary Redmond is a director of the Bank of Ireland, the Campbell Bewley Group and a member of the board of the Labour Relations Commission.
Mr Martin Rafferty is chairman of Ulster Bank Capital Markets, United Drug and Readymix and a director of Ulster Bank and Greencore.
Aer Lingus board chairman Mr Bernie Cahill is chairman of Greencore and Irish Food Processors and a director of Murphy Brewery Ireland Ltd, part of Heineken BV. Aer Lingus director Mr Paddy Wright is an executive director of the Jefferson Smurfit Group.
As previously mentioned, Bank of Ireland's chairman is Mr Howard Kilroy. Other directors include Mr MacSharry and CRH chairman Mr Barry. Another director Mr Paddy Galvin is also chairman of PV Doyle Holdings, a director of Greencore, Irish Shell and Gallaher (Dublin) Ltd and Mr Pat Molloy is a director of Eircom, CRH and Kingspan.
At AIB, director Mr Ray McLoughlin is managing director of James Crean and a former director of the Custom House Docks Development Authority and the National Board of Science and Technology. AIB director Mr Don Godson is chief executive of CRH. Chairman Mr Lochlann Quinn is deputy chairman of the Glen Dimplex Group.
At CRH, aside from Mr Barry and Mr Kilroy are Mr Molloy (also Bank of Ireland, Eircom, CRH and Kingspan) and former IDA Ireland chief executive Mr Kieran McGowan (also Elan, Enterprise Ireland, An Post National Lottery and Drury Communications).
Another CRH director Mr Tony O'Brien is group managing director of Cantrell and Cochrane, chairman of Anglo Irish Bancorp and a director of The Enterprise Trust. A former Aer Lingus chief executive Mr David Kennedy who joined the CRH board is also chairman of Drury Communications and a director of Jurys Doyle Group and Lifetime Assurance.
In a small state there is a relatively small pool to draw from in appointing directors to publicly-quoted companies and government boards, so it is probably not too surprising that many of the same well-known names pop up when appointments are being made to State boards and semi-State bodies.
It is certainly not surprising that many of the members of the boards of the main banks for example are well-known business people in their own right. The aim in appointing non-executive directors, as pointed out by the Cadbury Committee on Corporate Governance, is that the company can benefit from the business and other experience they can bring to the board.
But there are some interesting links between the top players in business. They range from the old school tie, to colleges, rugby or tennis clubs. Schools such as Blackrock College, Clongowes, Gonzaga and Belvedere and University College Dublin seem to have produced many of the elite of business, while many belong to clubs such as Fitzwilliam Lawn Tennis Club or rugby clubs such as Lansdowne.
There are two sides to the debate on how people rise to the top in Irish business. There is the argument that Ireland is a classless society where anyone can become leading business person. Proponents of this argument would point to the rise to the top, from relatively modest beginnings of Bernie Cahill - chairman of Aer Lingus and of Greencore, Dermot Desmond founder of NCB Stockbrokers and former chairman of Aer Rianta.
The counter argument is that Irish business is dominated by a small number of people who share similar "moneyed" backgrounds, attended the same schools and socialise together in the same clubs and help each other up the business ladder. Advocates of this line would argue that the directors of many of the publicly quoted or State-owned companies come from this circle of people and would cite as an example Tony Barry, the CRH chairman and director of Bank of Ireland and Greencore and DCC.
While some of the same names still keep reappearing at the top echelons of Irish business, it is clear that not all of them come from similar privileged backgrounds. Though it is clearly easier to get to the top from such a background, the so called "golden circle" appears to have widened. Nowadays, entry to the circle is easier for people who start or grow businesses or achieve political status.
This may be because as people make money in business, many tend to mix in the same circles where opportunities to do business together can arise. As people get to know each other, connections are made and appointments to boards can follow. Regardless of their route to the top, the end result is that the top level of Irish business is dominated by a small circle of people.
