Not all plain sailing for ICG's top table

ONE MORE THING: IRISH CONTINENTAL Group's AGM was a swift affair on Wednesday, punctuated by one amusing observation by sharp-as-a-tack shareholder Neil Duggan, a regular on the plc meetings circuit here.

As one of the resolutions was about to be put to a vote, Duggan rose out of his seat and “helpfully” enquired of chairman John McGuckian as to why company secretary Thomas Corcoran, who does not own any shares in ICG, was seconding the resolution.

Surely only shareholders can do this, Duggan added.

This led to much mumbling at the top table and shuffling of papers, with McGuckian eventually suggesting that, as Corcoran is an officer of the company, he is entitled to second the motion but not to vote on it.

To keep everything straight, McGuckian asked Duggan if he’d like to second the resolution, which he was “happy” to do.

Bizarrely, when it was put to the vote, Corcoran raised his hand in favour, even though he isn’t entitled to vote.

So, too, did non-executive directors Peter Crowley and Bernard Somers, who also don’t own any shares in the ferry company and so can’t vote on motions.

In fact, they all raised their hands in favour of each resolution put to the floor.

After the meeting, chief executive Eamonn Rothwell said the directors merely wanted to convey to shareholders that they supported the motions.

Shareholders might have been confused if they hadn’t put their hands up, he added.

They might be more confused as to why Crowley and Somers don’t own any shares in the company.