Dáil Éireann Debate, Wednesday - 8 June 2016
64. Deputy Richard Boyd Barrett asked the Minister for Agriculture, Food and the Marine to report on his meetings with the new chief executive of Coillte Teoranta (details supplied) including his plans for future meetings; and if he will make a statement on the matter. [14503/16]
View answerI met with the Chief Executive Officer of Coillte, Mr. Fergal Leamy, on 24 May 2016. At this meeting he provided me with an overview of the company.
Coillte Teoranta was established as a private commercial company under the Forestry Act, 1988 and , while day-to-day operational matters are the responsibility of the company, the meeting was an opportunity for the CEO to brief me about its structure , and the businesses in which the company is engaged.
As regards recent and ongoing developments, I was advised of Coillte’s disposal of its telecommunications masts and equipment locations in August 2015, and the progress on the development of the Smartply plant in Belview Port, outside Waterford city, which is one of the company’s panel board businesses.
We discussed the implementation of the Government Decision of June 2014 in relation to the formation of a joint venture with Bord na Móna in four named business areas and I noted the considerable progress achieved to date on the projects involved.
The CEO also gave me an indication of the company’s financial performance in 2015 and advised that a motion in relation to the payment of a final dividend of €1 million would be before the company’s AGM scheduled for the following Thursday (26 May 2016). The proposed payment of €1 million was in addition to the interim dividend of €4 million already paid by Coillte to its shareholders in December 2015. I advised Coillte that I was looking forward to receiving a draft dividend policy from the company in the near future for consideration by my Department, with the assistance of NewERA. The possible implications of Brexit on the company’s trading and finances were also discussed.
As regards the company’s plan for the future, the CEO also gave me an overview of their proposed future strategy for the company to 2025. In this context, the current restructuring of the company, as required under the Government Decision of 2013, was covered. I understand that the restructuring involves the adoption of a decentralised structure with 3 autonomous business divisions and transition to a Lean Centre with the objective of achieving significant overhead cost reductions.
I found the meeting to be very informative as it added to my understanding of the company’s businesses and activities and provided me with an insight as to the proposed strategic development of the company and ongoing challenges. My Department meet with Coillte on a regular basis as does NewERA on behalf of both Shareholders. There is no specific schedule for meetings between Coillte and I but I would propose to meet them on a regular basis or as the need arises in relation to specific issues.
