Allied Irish Banks
Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in Ireland. AIB offers a full range of corporate banking services. AIB Capital Markets is the division of the company that offers international banking and treasury operations; the bank offers a range of general insurance products such as home and health insurance. It offers pensions through its tied agency with Irish Life Assurance plc.. In December 2010 the Irish government took a majority stake in the bank, which grew to 99.8%. AIB's shares are traded on the Irish Stock Exchange and the London Stock Exchange, but its shares were delisted from these exchanges between 2011 and 2017, following its effective nationalisation; the remainder of its publicly traded shares were listed on the Enterprise Securities Market of the Irish Stock Exchange until 23 June 2017. AIB owns Allied Irish Bank in Great Britain and First Trust Bank in Northern Ireland. In November 2010, it sold its 22.5% stake in M&T Bank in the United States.
At the beginning of 2008 AIB entered the Latvian and Lithuanian markets by acquiring AmCredit mortgage finance business from the Baltic – American Enterprise Fund. This stake was sold at a loss to Swedbank in 2012. In 2009, Allied Irish Banks along with its competitor Bank of Ireland accepted a 3.5 billion euro bailout from the government of the Republic of Ireland as a part of the Bank Recapitalisation Scheme. Over several further tranches, the total bailout of AIB amounted to €20.7 billion. On 12 June 2017, the Irish government announced that the IPO of Allied Irish Banks to take place in the month might result in bank value of $14.9 billion. The IPO took place on 23 June 2017. Allied Irish Banks is referred to, both inside and outside the company as AIB and by its trade name of "Allied Irish Bank". In Northern Ireland, the bank trades as First Trust Bank, while in Great Britain, it is called "Allied Irish Bank"—the only part of the operation where the full name, in the singular, is still in day-to-day use.
The bank operated under the names of its former constituent companies, alongside a new AIB logo, a circle divided in three with an "A" at the centre. From 1970, these were replaced by "Allied Irish Banks". In 1990, AIB introduced a new logo Since the bank has preferred to be referred to as "AIB", though "Allied Irish Banks plc" remains its legal name; the bank is referred to colloquially as "AIB Bank", an example of a redundant acronym. This is due to the name "AIB Bank" being adopted for the Republic of Ireland branch banking business at the time of the 1990 rebrand; this version of the logo is no longer used in print advertising but can still be seen on the façades of most AIB branches in the Republic. The'Trustee Savings Banks' rebranded to "TSB Bank" in 1993; the new logo features a depiction of Noah's Ark, after a carving on a Celtic cross at Killary Church near Lobinstown in County Meath, which dates from the 9th century. Allied Irish Banks Limited was formed in 1966 as a new company that acquired three Irish banks: Provincial Bank of Ireland, the Royal Bank of Ireland, the Munster & Leinster Bank.
The banks saw an alliance as the best way to overcome the fragmented nature of the Irish banking industry. Ireland in the mid-1960s was changing fast and the merger strengthened the banks' position in the emerging global business era. In 1966, AIB's aggregate assets were €323.8 million—as at 31 December 2005, the AIB Group had assets of €133 billion. In the 1980s the introduction of their Automatic Teller Machine Network called Banklink just shortly after the Bank Of Ireland Pass. 1825 saw Provincial Bank commence operations. It established a branch in London. Royal Bank of Ireland commenced operations in 1836. Shaw's Bank merged. In 1867 the Munster Bank purchased some of the branches of the unsuccessful Union Bank of Ireland. In 1870 The Munster Bank acquired the long established private bank David La Son. In 1885 the Munster Bank is liquidated; however and Leinster Bank commenced operations. It would become the largest of the three banks with the most extensive branch network. In 1923 the Royal Bank of Ireland bought the Irish Free State business of the Belfast Banking Company, which in turn bought the Northern Ireland business of the Royal Bank.
Over the decades, AIB has become an international organisation. It created a branch network in Britain in the 1970s; the Can of Worms at ICI was the headline in Business & Finance magazine on 8 November 1984. The Insurance Corporation of Ireland was a wholly owned subsidiary of AIB when it collapsed in 1985 with losses of over £200 million; when it was discovered in November 1984 that ICI was operating below the statutory reserve ratio, a request for further capital was made to AIB — ICI had returned a profit of more than £80 million the previous year. This collapse occurred at a time of deep economic recession in Ireland; the level of Government debt at that time was 116% of GDP. But the Irish taxpayer bailed ICI out of its difficulties; the Irish Government did so to ensure a continuation of the insurance business and to protect policyholders. AIB claimed that it could not resolve the problems of ICI without putting its core banking business in jeopardy; the investment of £85 million by AIB in ICI was written off and
Chief executive officer
The chief executive officer or just chief executive, is the most senior corporate, executive, or administrative officer in charge of managing an organization – an independent legal entity such as a company or nonprofit institution. CEOs lead a range of organizations, including public and private corporations, non-profit organizations and some government organizations; the CEO of a corporation or company reports to the board of directors and is charged with maximizing the value of the entity, which may include maximizing the share price, market share, revenues or another element. In the non-profit and government sector, CEOs aim at achieving outcomes related to the organization's mission, such as reducing poverty, increasing literacy, etc. In the early 21st century, top executives had technical degrees in science, engineering or law; the responsibility of an organization's CEO are set by the organization's board of directors or other authority, depending on the organization's legal structure.
They can be far-reaching or quite limited and are enshrined in a formal delegation of authority. Responsibilities include being a decision maker on strategy and other key policy issues, leader and executor; the communicator role can involve speaking to the press and the rest of the outside world, as well as to the organization's management and employees. As a leader of the company, the CEO or MD advises the board of directors, motivates employees, drives change within the organization; as a manager, the CEO/MD presides over the organization's day-to-day operations. The term refers to the person who makes all the key decisions regarding the company, which includes all sectors and fields of the business, including operations, business development, human resources, etc; the CEO of a company is not the owner of the company. In some countries, there is a dual board system with two separate boards, one executive board for the day-to-day business and one supervisory board for control purposes. In these countries, the CEO presides over the executive board and the chairman presides over the supervisory board, these two roles will always be held by different people.
This ensures a distinction between management by the executive board and governance by the supervisory board. This allows for clear lines of authority; the aim is to prevent a conflict of interest and too much power being concentrated in the hands of one person. In the United States, the board of directors is equivalent to the supervisory board, while the executive board may be known as the executive committee. In the United States, in business, the executive officers are the top officers of a corporation, the chief executive officer being the best-known type; the definition varies. In the case of a sole proprietorship, an executive officer is the sole proprietor. In the case of a partnership, an executive officer is a managing partner, senior partner, or administrative partner. In the case of a limited liability company, executive officer is any manager, or officer. A CEO has several subordinate executives, each of whom has specific functional responsibilities referred to as senior executives, executive officers or corporate officers.
Subordinate executives are given different titles in different organizations, but one common category of subordinate executive, if the CEO is the president, is the vice-president. An organization may have more than one vice-president, each tasked with a different area of responsibility; some organizations have subordinate executive officers who have the word chief in their job title, such as chief operating officer, chief financial officer and chief technology officer. The public relations-focused position of chief reputation officer is sometimes included as one such subordinate executive officer, but, as suggested by Anthony Johndrow, CEO of Reputation Economy Advisors, it can be seen as "simply another way to add emphasis to the role of a modern-day CEO – where they are both the external face of, the driving force behind, an organisation culture". In the US, the term chief executive officer is used in business, whereas the term executive director is used in the not-for-profit sector; these terms are mutually exclusive and refer to distinct legal duties and responsibilities.
Implicit in the use of these titles, is that the public not be misled and the general standard regarding their use be applied. In the UK, chief executive and chief executive officer are used in both business and the charitable sector; as of 2013, the use of the term director for senior charity staff is deprecated to avoid confusion with the legal duties and responsibilities associated with being a charity director or trustee, which are non-executive roles. In the United Kingdom, the term director is used instead of chief officer". Business publicists since the days of Edward Bernays and his client John D. Rockefeller and more the corporate publicists for Henry Ford, promoted the concept of the "celebrity CEO". Business journalists have adopted this approach, which assumes that the corporate achievements in the arena of manufacturing, wer
Anglo American plc
Anglo American plc is a multinational mining company based in Johannesburg, South Africa and London, United Kingdom. It is the world's largest producer of platinum, with around 40% of world output, as well as being a major producer of diamonds, nickel, iron ore and metallurgical and thermal coal; the company has operations in Africa, Australasia, North America and South America. Anglo American has a primary listing on the London Stock Exchange and is a constituent of the FTSE 100 Index; the company has a secondary listing on the Johannesburg Stock Exchange. Sir Ernest Oppenheimer, a German Jewish émigré, founded the Anglo American Corporation in 1917 in Johannesburg, South Africa, with financial backing from the American bank J. P. Morgan & Co. and £ 1 million raised from US sources to start the gold mining company. This fact is reflected in the name of the company; the AAC became the majority stakeholder in the De Beers company in 1926, a company controlled by Alfred Beit a Jewish-German émigré.
During 1945, the AAC moved into the coal industry by acquiring Coal Estates. Twelve years Sir Ernest died in Johannesburg and was succeeded as head of the AAC by his son, Harry Oppenheimer, who became chairman of De Beers. In the late 1940s and 1950s, the AAC focused on the development of the Free State goldfields and the Vaal Reefs mine; the success of the mines enabled the company to become the world’s largest gold-mining group. In 1961, the AAC expanded outside of southern Africa for the first time and became a major investor in the Hudson Bay Mining and Smelting Company in Canada. In 1967, the company moved into the steel industry by acquiring Scaw Metals. From 1967 to 1975, it continued to grow and established a number of ventures, including the Mondi Group and Amcoal. In 1982, Harry Oppenheimer was succeeded by Gavin Relly. Two years Oppenheimer retired from De Beers and passed the chairmanship to Julian Ogilvie Thompson, who in 1990 became chairman and chief executive of the AAC. Anglo American Corporation merged with Minorco on May 24, 1999 to form Anglo American plc with its primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.
Its gold mining operations were spun off into the separate AngloGold corporation, which in 2004 merged with the Ashanti Goldfields Corporation to form AngloGold Ashanti. Anglo American reduced its stake in AngloGold Ashanti to 16.6 percent in 2008. In 2000, Julian Ogilvie Thompson retired as chief executive of Anglo American and was succeeded by Tony Trahar. Ogilvie Thompson retired as chairman in 2002 and was replaced by Sir Mark Moody-Stuart. In the same year, Anglo American acquired Tarmac, a supplier of building materials, Shell Petroleum Company’s Australian coal assets In 2001, De Beers was privatised after being a listed company for more than 70 years. In 2002, South Africa’s Mining Charter was approved and Anglo American and other mining companies with operations in the country were mandated to transfer a percentage of their South African production to disadvantaged South Africans. From 2002 to July 2008 Anglo American carried out black community economic empowerment transactions totalling R26 billion.
In 2002, Anglo Base Metals acquired the Disputada copper operations in Chile from Exxon Mobil Corporation and opened a representative office in Beijing, China. In 2003, Anglo American acquired a major stake in iron ore producer Kumba Resources. In 2007, Cynthia Carroll succeeded Tony Trahar, becoming the first non-South African and first female chief executive of Anglo American; the Mondi Group, a paper and packaging business, was spun out in 2007. During the next two years, Anglo American opened a representative office in New Delhi, acquired control of the Michiquillay copper project in northern Peru and the MMX Minas-Rio and Amapa iron ore projects in Brazil and acquired stakes in the Pebble copper project in Alaska. Anglo American was accused in 2007 of damaging environmental practices: in order to complete its planned Alaskan Pebble Mine in collaboration with Northern Dynasty Minerals, the global mining giant may build a massive dam at the headwaters of the world's largest sockeye salmon fishery, which it would risk obliterating.
Opponents are pointing to the use of cyanide, heavy metals, acid mine drainage which can all have devastating effects on the pristine environment of the Bristol Bay area. Opponents of the Pebble Mine created Ballot Measure 4 to impose additional water quality standards on new large-scale mines in the state. However, in August 2007, Alaskans voted against the initiative; the Pebble Limited Partnership has not yet put forward a project proposal and is working to prepare a Prefeasibility Study for the project in the second half of 2009. The mine proposal must still undergo environmental studies and the permitting process, including being subject to state and federal water protections. In December 2013, Anglo American withdrew from the Pebble Limited Partnership. Anglo American entered into talks in early November 2011; the Oppenheimer family divested their remaining shares of De Beers, whereby Anglo American acquired an additional 40% stake for $5.1 billion, which increased Anglo American stake to 85%.
This came at a time of increased labour strikes and international attention to Oppenheimer's involvement in blood and conflict diamonds. Anglo American Plc. sold a 24.5 percent share in its Chilean cop
BP plc is a British multinational oil and gas company headquartered in London, United Kingdom. It is one of the world's seven oil and gas "supermajors", whose performance in 2012 made it the world's sixth-largest oil and gas company, the sixth-largest energy company by market capitalization and the company with the world's 12th-largest revenue, it is a vertically integrated company operating in all areas of the oil and gas industry, including exploration and production, refining and marketing, power generation and trading. It has renewable energy interests in biofuels and wind power; as of 31 December 2017, BP had operations in 70 countries worldwide, produced around 3.6 million barrels per day of oil equivalent, had total proved reserves of 18.441 billion barrels of oil equivalent. The company has around 18,300 service stations worldwide, its largest division is BP America in the United States. In Russia, BP owns a 19.75% stake in Rosneft, the world's largest publicly traded oil and gas company by hydrocarbon reserves and production.
BP is a constituent of the FTSE 100 Index. It has secondary listings on the New York Stock Exchange. BP's origins date back to the founding of the Anglo-Persian Oil Company in 1908, established as a subsidiary of Burmah Oil Company to exploit oil discoveries in Iran. In 1935, it in 1954 British Petroleum. In 1959, the company expanded beyond the Middle East to Alaska and it was one of the first companies to strike oil in the North Sea. British Petroleum acquired majority control of Standard Oil of Ohio in 1978. Majority state-owned, the British government privatised the company in stages between 1979 and 1987. British Petroleum merged with Amoco in 1998, becoming BP Amoco plc, acquired ARCO and Burmah Castrol in 2000, becoming BP plc in 2001. From 2003 to 2013, BP was a partner in the TNK-BP joint venture in Russia. BP has been directly involved in several major environmental and safety incidents. Among them were the 2005 Texas City Refinery explosion, which caused the death of 15 workers and resulted in a record-setting OSHA fine.
The 2010 Deepwater Horizon oil spill, the largest accidental release of oil into marine waters in history, resulted in severe environmental and economic consequences, serious legal and public relations repercussions for BP. 1.8 million US gallons of Corexit oil dispersant were used in the cleanup response, becoming the largest application of such chemicals in US history. The company pleaded guilty to 11 counts of felony manslaughter, two misdemeanors, one felony count of lying to Congress, agreed to pay more than $4.5 billion in fines and penalties, the largest criminal resolution in US history. On 2 July 2015, BP and five states announced an $18.7 billion settlement to be used for Clean Water Act penalties and various claims. In May 1908 a group of British geologists discovered a large amount of oil at Masjid-i-Suleiman in Mohammerah, today located in the province of Khuzestan, it was the first commercially significant. William Knox D'Arcy, by contract with the Emir of Mohammerah, Sheikh Khaz'al Khan al-Kaabi, obtained permission to explore for oil for the first time in the Middle East, an event which changed the history of the entire region.
The oil discovery led to petrochemical industry development and the establishment of industries that depended on oil. On 14 April 1909, the Anglo-Persian Oil Company was incorporated as a subsidiary of Burmah Oil Company; some of the shares were sold to the public. The first chairman and minority shareholder of the company became Lord Strathcona. After establishing the company, the British government asked Percy Cox, British resident to Bushehr, to negotiate an agreement with Khaz'al for APOC to obtain a site on Abadan Island for a refinery, storage tanks, other operations; the refinery was built and began operating in 1912. In 1913, the British government acquired a controlling interest in the company and at the suggestion of Winston Churchill, the British navy switched from coal to oil. In 1914, APOC signed a 30-year contract with the British Admiralty for supplying oil for the Royal Navy at the fixed price. In 1915, APOC established its shipping subsidiary the British Tanker Company and in 1916 it acquired the British Petroleum Company, a marketing arm of the German Europäische Petroleum Union in Britain.
In 1919, the company became a shale-oil producer by establishing a subsidiary named Scottish Oils which merged remaining Scottish oil-shale industries. After World War I, APOC started marketing its products in Continental Europe and acquired stakes in the local marketing companies in several European countries. Refineries were built in Llandarcy in Grangemouth in Scotland, it acquired the controlling stake in the Courchelettes refinery in France and formed with the Government of Australia a partnership named Commonwealth Oil Refineries, which built the Australian's first refinery in Laverton, Victoria. In 1923, Burmah employed Winston Churchill as a paid consultant to lobby the British government to allow APOC have exclusive rights to Persian oil resources, which were subsequently granted by the Iranian monarchy. APOC and the Armenian busines
Euronext Dublin is Ireland's main stock exchange, has been in existence since 1793. The Euronext Dublin lists debt and fund securities and is used as a European gateway exchange for companies seeking to access investors in Europe and beyond. With over 35,000 securities listed on its markets, the exchange is used by over 4,000 issuers from more than 85 countries to raise funds and access international investors. A study by Indecon published in 2014 on the Irish Stock Exchange found that having a local stock market and securities industry directly supports 2,100 jobs in Ireland and is worth €207 million each year to the Irish economy, it found that having a domestic securities industry centered on the Irish Stock Exchange generates €207m in estimated direct economic impact and €230m in direct tax for the Irish exchequer. The exchange is regulated by the Central Bank of Ireland under the Markets in Financial Instruments Regulations and is a member of the World Federation of Exchanges and the Federation of European Stock Exchanges.
The Irish Stock Exchange was first recognised by legislation in 1799 when the Irish Parliament passed the Stock Exchange Act. In different periods in its history, the ISE included a number of regional exchanges, including the Cork and Dublin exchanges. In 1973, the Irish exchange merged with British and other Irish stock exchanges becoming part of the International Stock Exchange of Great Britain and Ireland. In 1995, it became independent again and in April 2014 it demutualised changing its corporate structure and becoming a plc, owned by a number of stockbroking firms. At the time of its demutualisation the country's main stockbrokers received shares in the €56m-valued exchange and dividing up €26m in excess cash. Davy Stockbrokers took the largest stake, at 37.5 per cent, followed by Goodbody Stockbrokers with 26.2 per cent. In March 2018, Euronext completed the purchase of the ISE, renamed the ISE as Euronext Dublin; the Irish Stock Exchange operates 4 markets - the Main Securities Market, the principal market for Irish and overseas companies.
There are 50 companies with shares listed on the markets of the Irish Stock Exchange. There are three markets on which for companies to list equities on the ISE: The Main Securities Market, suited to larger companies with substantial funding needs The Enterprise Securities Market, for high-growth companies raising equity in earlier stages of development The Atlantic Securities Market, for multinational companies that want to broaden their investor reach to include dollar and euro pools of capital in a streamlined manner In 2016, 11 companies trading on the ISE raised €513m in equity funds from international investors. New equity listings in 2016 came from Venn Life Sciences, Draper Esprit, Dalata Hotel Group, which transferred its listing from the ESM to a primary listing on the MSM in June 2016. In 2015 the largest biotech to IPO in Europe took place on the ISE when Malin Corporation, the Irish-based global life sciences company, raised €330m from international investors in an exclusive listing on the ISE.
Three other IPOs took place in 2015 raising a further €650m: Applegreen, Permanent TSB and Hostelworld. In 2014 three companies joined the ISE’s markets: Dalata Hotel Group, the largest hotel operator in Ireland, Irish Residential Properties REIT plc, the first residentially focused REIT to list in Ireland and Mainstay Medical, an Irish medical device company; these three companies raised a combined total of €484m at IPO. Total fund raisings in 2014 of listed companies was €1.3bn. In 2015 the ISE launched #IPOready, a structured leadership programme for high potential companies which enhances the knowledge and skills of Chief Executive Officers and Chief Financial Officers in raising capital, investor relations and business management; the inaugural programme, supported by Enterprise Ireland, consisted of three phases over a period of 15 months which saw companies from a range of sectors including technology, security and printing take part. The second #IPOready programme will commence in 2017.
The ISE offers domestic and international membership for trading in shares, ETFs, Irish Government bonds and other securities using world-class accessible and cost-effective trading and post-trade infrastructure. The ISE’s electronic trading platform is called ISE Xetra and is provided in partnership with Deutsche Börse since the ISE closed its trading floor in Anglesea Street Dublin 2 on 6 June 2000. Shares trading on the ISE are settled by Euroclear UK & Ireland via the CREST system and cleared by Eurex Clearing AG; the ISE is the main centre of liquidity in Irish shares. The company with the highest turnover on the ISE in 2016 was CRH; this was followed Bank of Ireland and Kerry Group. Trading volumes on the exchange in 2011 were about a quarter of the 2007 peak. In June 2012, following the collapse of a stockbrokers, the Sunday Independent asked "Will there be a stand-alone Irish equity market in five years' time? The omens are not good." However this has proven not to be the case as in 2016 the number of equity trades had
Kerry Group plc is a public food company headquartered in Ireland. It is quoted on the Dublin London stock exchanges. Kerry was founded in 1972 in Listowel, County Kerry as a private company with three shareholders – state-owned Dairy Disposal Company, a Federation of eight small farmer co-operatives in Kerry and Erie Casein Company Inc. from the US. In March 2004 the company bought the Quest Food Ingredients Group, a food ingredients business, for US $440 million. In August 2005 the company acquired Noon Products, a supplier of Indian and Thai ready meals, for £124m. In September 2011 the company acquired Cargill Flavor System, a manufacturer of food flavouring, for $230 million. In February 2015 the company acquired a supplier of hot dogs. In October 2015 the company acquired Red Arrow Products, Island Oasis and Wellmune, three businesses in the US taste and nutrition sector, for US $735 million. Headquartered in Tralee, County Kerry, the Group employs about 24,000 people in its manufacturing and technical centres worldwide.
Kerry's global headquarters is in Naas, County Kildare at the groups' €100 million Global Technology and Innovation Centre which employs 900 people. Kerry supplies over 15,000 foods, food ingredients and flavour products to customers in more than 140 countries worldwide. Kerry is a member of the European Flavour Association; the Group is divided into several business areas: Taste Dairy and Culinary Meat FI&A Sweet & Cereal Dry & Liquid Beverage Brands include: List of companies of Ireland Official website