The chairman of the Educational Building Society (EBS) has described as "reprehensible" the leaking of confidential documents which describe serious personalised conflict and lack of trust within the society's board last year.
Three memos to the board, two from independent directors Cathal Magee and Ron Bolger, and a replying memo from the then chairman, Brian Joyce, were sent anonymously to The Irish Timesyesterday.
They support in broad outline what has been said by EBS independent director Ethna Tinney in a letter sent to members last month seeking support for her re-election to the board, despite the board's lack of support for her.
The society's annual general meeting (agm) takes place next Monday.
Ms Tinney, a producer with Lyric FM, who has been on the board of the EBS since 2000, said she was "delighted that these documents have been released", as their content "obviously gets to the nub of what our members should know".
EBS chairman Mark Moran said that if a board was to function it needed to be able to engage in strong and confidential debate. He said the release of confidential board documents undermined confidence. "I think it is totally reprehensible," he added.
Mr Joyce resigned from the EBS board in December 2006, as did Mr Bolger. Mr Magee remains as a non-executive director. All three are senior figures in the Irish business community.
In his memorandum Mr Magee claimed he had been the subject of "corporate bullying" since he challenged how certain matters were handled by the society's executive.
Mr Bolger, in his memorandum, said he found himself "being personally discredited when I speak out" and warned that he might take aspects of the society's affairs to the financial regulator. Both men's complaints included issues to do with executive remuneration.
Mr Joyce accused Mr Bolger and Mr Magee of pursuing a campaign aimed at causing him to resign. He said Mr Magee had not been bullied and that arguably Mr Magee "has more to answer to as a bully than anyone else around this table".
A short statement from Mr Magee was issued yesterday in which he said his views on a number of issues had been clearly articulated over the past year. "In recent months all of these issues have been resolved to my satisfaction and to the unanimous satisfaction of all board members," he said.
He said the board was now being strengthened under the chairmanship of Mr Moran. The issues in the memos were "debated and resolved in the appropriate way within the boardroom".
Mr Moran said resolution of the issues occurred in October 2006, when it was agreed there would be an outside review of corporate governance at the EBS. It was also agreed that the board needed to "move on" and be "refreshed", he said.
The EBS has 280,000 members, although less than 10,000 usually take part in votes at its agms.