I thank the Chairman and members of the committee for the opportunity to address them today following my nomination as chairperson of the Shannon Foynes Port Company. I will make a short address, following which I am happy to take any questions. I will first outline my career and then my approach and vision as chairperson.
I am a seasoned professional with senior management experience gained across industry sectors, particularly infrastructure, waste to energy, regional economic development, investment banking, aviation and transportation, gained over the past 30 years. I began my career in 1987 working with KPMG for eight years. I am a chartered accountant and a chartered director. I hold a bachelor's degree in commerce and an MBA degree. Most recently, I was the chief financial officer, CFO, of Shannon Group, where I led the development and implementation of the business plan to consolidate, turnaround, refocus and transform the group and its businesses. I commenced a €100 million capital investment programme, raised debt from the Ireland Strategic Investment Fund, ISIF, for the runway rehabilitation, supported the growth of passengers by 22% and visitors by 29% over three years until the end of 2016, and I rationalised the cost base and improved the profitability of Shannon Group. I left the group after three and a half years to return to Dublin and I now work as a management consultant specialising in corporate development, M&A deal making, and corporate finance.
Prior to working in the Shannon Group, I worked for six years with Indaver, a leading European high tech renewable energy and waste to energy incineration group, as a general manager and finance director. My key achievement was the delivery of Ireland’s first incinerator near Drogheda, at a cost of €150 million, which has since transformed the Irish waste management sector. Between 2001 and 2008, I worked as a specialist on infrastructure development deals, mainly public private partnerships, notably two major Irish toll roads, a major waste water, private finance initiative, PFI, project in Northern Ireland and mixed urban redevelopment projects. Prior to that, I spent six years at NCB Stockbrokers advising on corporate transactions. I worked at board level with Shannon Group. I was a board member at Indaver and I am also currently a non-executive director of Bus Éireann and I chair its audit and risk committee. I brought my skills and experience to bear recently to help Bus Éireann restructure and to put it on a sustainable footing. I developed my knowledge of corporate governance undertaking courses at the Institute of Directors. I was involved with IBEC, Mid West, on its committee and Shannon Chamber while at Shannon Group.
On a personal front, my motivation in accepting this appointment is to be a good leader and to make a lasting contribution to the company and the region. I have an affinity with the communities and understanding of the issues and challenges of the west and south of the country, having worked in Shannon and lived in Quin and having grown up in and worked in Cork. I have extended family living in Kerry, Clare and Cork.
In terms of my approach and vision as chairperson, the Shannon Foynes Port Company is responsible for the maritime management of the Shannon Estuary, serving a number of facilities and customers and handling in excess of 11 million tonnes per annum. Shannon Foynes port is the second largest port in the State in terms of total tonnage and profitability and the third largest in terms of turnover. Connectivity and port capacity are two key themes on which I will focus as chairperson. In particular, the national ports policy classified the port as a port of national significance. The port has been also recognised in a European context as being a core port under EU TEN-T guidelines. I see Shannon Foynes port as having a vital national significance and not just a mid-west significance. It is critical, therefore, that Shannon Foynes Port Company continues to be run and developed on commercial grounds and that it also recognises the varying interests of all stakeholders in the development and implementation of its strategic plan to deliver increased connectivity and capacity for trade and investment. The draft national planning framework supports the role of the tier 1 ports and the Limerick to Foynes road upgrade. I will also focus on re-opening the rail connection from Foynes to Limerick to facilitate mainline rail connectivity and industrial development.
My approach as chairperson will be to work with the board of directors, and through the CEO and his management team, on all aspects of the business. I will focus on good governance ensuring operational excellence and the development and progressive implementation of a strategy to secure investment and growth in the business. This strategy, where appropriate, will be complementary to and supportive of the overall development of the region and co-ordinated with Government and its agencies' plans to develop the port as a national asset and enabler of socio-economic development of significant scale in such areas as energy, natural resources, agriculture, manufacturing and processing. My initial meeting with the CEO of the company has been reassuring that a focused and professional approach is in place and my objective is to contribute to building and consolidating this approach.
In terms of business strategic vision, the shipping sector is becoming more globalised. Shannon Foynes Port Company's business strategy must, therefore, identify, pursue and deliver new global opportunities and expand the scale of its existing activities to ensure its growth and survival. Global business development and investment are also key themes that I will focus on as chairperson. Shannon Foynes Port Company has an ambitious strategic plan set out in its master plan vision 2041 document. This master plan covers the growth and development options for the port for the 30 year period to 2041. The sustainable implementation of the master plan encompasses capacity and land optimisation, transport and multi-modal connectivity, society and community integration along with environmental considerations. The capital expenditure programme in the master plan is projected to involve an investment of some €1.8 billion, of which the port company will invest €126 million. This will position Shannon Foynes port to capture ongoing growth and new global sources of growth, foreign direct investment, FDI, and support economic and social development in which I keenly believe. The development of infrastructure at Foynes port in tandem with the Limerick to Foynes road scheme and rail line will add significant capacity and direct alternative connectivity to and from Europe and the rest of the world enabling the Shannon Foynes Port Company to compete and capture global business opportunities. This infrastructure capacity and direct connectivity will reduce uncertainty and potential customs delays caused by Brexit as the infrastructure now being developed at Shannon Foynes port could facilitate direct multi-modal links to Europe and beyond by completely bypassing the UK land bridge. In addition, this realignment of the supply chain toward Foynes port leverages the substantial Government road investments, undertaken and planned. I also will be focused on the development of Limerick Docks and alternative uses for its surplus lands.
My approach is to ensure good corporate governance, meeting or exceeding the shareholder expectations for a dividend - financial, economic or social - and to have a realistic strategic plan which adds tangible benefits to its many stakeholders.
My ambition is to deliver this in the context of a strong unified board working in harmony with the CEO and his team, with good relationships and support from the appropriate external bodies and working co-operatively and transparently with the local community, businesses and other stakeholders.
That summarises my vision, approach and career experience. I will be happy to take questions on any aspects of those.
