Latest news with #C&AG
RTÉ News
7 days ago
- Business
- RTÉ News
UL Chief Commercial Officer resigns from role
The University of Limerick's Chief Commercial Officer has resigned. Staff at the university were informed in an email from Chancellor Brigid Laffan late yesterday evening that Andrew Flaherty was resigning with immediate effect. The email stated that Mr Flaherty had also resigned all directorships and offices associated with or connected to the university. Last year, the university was rocked by a scandal centred on the purchases of properties at grossly inflated prices. In relation to the purchase of 20 houses intended for student accommodation the Comptroller and Auditor General (C&AG) last September found "no evidence of proper, objective appraisal of the options of the kind that should have been available to decision makers, including the Governing Authority members, when they were asked to approve the acquisition". Mr Flaherty was appointed to the role of Chief Commercial Officer in October 2020. According to the UL website, as Chief Commercial Officer he had responsibility to lead commercial operations of the university, in addition to responsibility for Buildings and Estates, Strategic support for the realisation of the Strategic Development Zone (SDZ) venture and other commercially focused projects.
Irish Independent
27-05-2025
- Business
- Irish Independent
University of Limerick official who led €5.2m overspend on houses resigns
Andrew Flaherty, UL's chief commercial officer (CCO), led UL's €12.65m purchase of 20 homes at Rhebogue which was criticised by the Comptroller and Auditor General (C&AG) and the Dáil's public spending watchdog. UL chancellor, Professor Brigid Laffan, wrote to university staff this evening informing them Mr Flaherty had tendered his resignation. 'The university has accepted that resignation,' Prof Laffan added. 'The CCO has also resigned from all directorships and offices associated with or connected to the university.' Prof Laffan said Mr Flaherty's resignation was effective from today. Mr Flaherty's future at the university was drawn into question last year after a Sunday Independent investigation raised concerns about the property deal. The C&AG said UL overspent €5.2m on the homes. The houses are the subject of a planning row between the university and Limerick city and county council because there is no permission to house students in the properties. An Bord Pleanála is currently deliberating on the matter. Mr Flaherty was placed on administrative leave last June. That came two weeks after then-UL president, Kerstin Mey, resigned after students and staff said they had no confidence in her leadership over her role in the deal. She has since moved to a new professoriate role at the university. UL has previously said it does not comment on personal and human resource matters. Mr Flaherty has been approached for comment. He was criticised last year by members of the Dáil's Public Accounts Committee over previously failing to attend a meeting with it to discuss other matters at the university. It later emerged he had been in Dublin, watching the meeting remotely while sending text messages to colleagues while they spoke with TDs. Labour TD, Alan Kelly, said Mr Flaherty's absence from the meeting was 'like an episode of Hamlet without the prince'. 'The prince was across the road in some establishment texting people here the last time. The prince is not here this time,' he added.
The Journal
20-05-2025
- Business
- The Journal
Cabinet to hear update on government's plans to bring RTÉ finances under C&AG scrutiny
CABINET WILL TODAY be updated on the government's plans to bring RTÉ's finances under the remit of the state auditor. The update comes ahead of a Sinn Féin Private Members' Bill, due to be reintroduced this week, to bring RTÉ under the control of the Comptroller and Auditor General (C&AG). Media Minister Patrick O'Donovan will outline to ministers that in the government's view, the Sinn Féin bill doesn't go as far as the government's proposed legislation, and therefore the Private Members' Bill will be opposed. O'Donovan will tell Cabinet that the policy objective of the Bill is already being addressed by government through the General Scheme of the Broadcasting (Amendment) Bill, the revision of which was approved on 8 April and which is now with the relevant Oireachtas Committee for pre-legislative scrutiny. Former Minister Catherine Martin first introduced the government legislation last year. The C&AG currently audits the finances of almost 300 public bodies, excluding local authorities and commercial semi-State bodies like RTÉ. Advertisement During the protracted crisis surrounding RTÉ governance, following the Ryan Tubridy payment scandal, then chairperson of the RTÉ board Siún Ní Raghallaigh recommended that RTÉ should be audited by the C&AG. However, legislative change was required to expand its remit. Minister Patrick O'Donovan Department of Tourism and Media Department of Tourism and Media O'Donovan will tell ministers that the Sinn Féin proposal differs from the approach by government in two substantive ways, insofar as it does not provide for the accountability of the Director General of RTÉ to the Public Accounts Committee for RTÉ's financial statements or value-for-money matters and it does not allow the RTÉ Board the discretion to appoint a regulated private sector auditor in addition to the C&AG. The Cabinet update comes after RTÉ director general Kevin Bakhurst met with chairman of the media committee, Alan Kelly, as well as chair of the Public Accounts Committee, John Brady last week. Bakhurst described the meeting with Kelly as 'constructive', with the meeting understood to have centred around the restructuring programme and a range of legacy issues in the organisation, as well as the €3.6 million partly failed IT project. It is understood that RTÉ will be invited before both committees before the Dáil summer recess. Education In addition, Cabinet will also hear from Education Minister Helen McEntee who will outline the new DEIS Plan to address educational disadvantage across all schools. Related Reads RTÉ to receive €725m over three years as part of new 'multi-annual' funding model Government to ramp up financial scrutiny of RTÉ, with C&AG to act as auditor Powerful Oireachtas committee says RTÉ should be brought under the remit of the State's auditor The new DEIS Plan will focus on improving the opportunities for children at risk of educational disadvantage in all schools, working towards a system where a school can receive the right supports they need at the right time to support the children most in need in the school at that time. It will look at addressing retention for the Leaving Certificate and improving progression rates into further and higher education. It will also place a major focus on school attendance and tackling the rate of absenteeism in both DEIS and non-DEIS schools, something the minister has spoken about this week. 'The Year of the Normans' Normans and Crusaders at a 12th Century historical reenactment. Alamy Stock Photo Alamy Stock Photo Meanwhile the Housing Minister James Browne will seek approval for cross-government involvement with '2027 – The Year of the Normans – People of Europe'. It is understood the Normandy Regional Council has invited European countries and regions sharing Norman history and heritage, such as Britain, Channel Islands, Southern Italy, Norway, Denmark and Ireland to take part. Apparently, Ireland's participation backs up the Programme for Government commitment to build links and understanding with other EU capitals and regions in, education, research and innovation. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Mint
20-05-2025
- Business
- Mint
NLC India share price soars 9% after Q4 net profit surges four-fold; up 17% in May
NLC India share price in focus on May 20: NLC India share price jumps 9% in early trade on Tuesday, May 20, reaching ₹ 257.90 apiece, following the release of the company's March quarter numbers, which came in line with analysts' estimates. The company, on Monday post-market hours, reported a net profit of ₹ 468.46 crore — a 311% jump compared to ₹ 114 crore in the same quarter last fiscal year. However, on a sequential basis, net profit declined from ₹ 696 crore reported in the December quarter. Revenue from operations came in at ₹ 3,972 crore, down from ₹ 4,034 crore in Q4FY24. On the operating front, the company reported an EBITDA of ₹ 997.26 crore, translating into an EBITDA margin of 25.11%. In comparison, for the quarter ended March 31, 2024 (Q4FY24), EBITDA stood higher at ₹ 1,096.04 crore with a margin of 27.17%. The company's board has recommended a final dividend of 15% for the financial year 2024–25. "The Board of Directors of the company, at their meeting held on Monday, 19th May 2025, recommended a final dividend of 15.00% (i.e., ₹ 1.50 per equity share) for the financial year 2024–25, subject to C&AG audit and approval of members at the ensuing Annual General Meeting. The details regarding the closure of the Register of Members and Share Transfer Books/Record Date and the final dividend payment date will be announced in due course," the company stated in its Q4FY25 earnings report. Additionally, the company has approved the incorporation of a joint venture with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), with equity participation in the ratio of 74:26. The JV aims to establish, maintain, and operate a 3x125 MW lignite-based thermal power station, along with the development and operation of lignite mines to meet fuel requirements. The initiative is subject to compliance with DIPAM (Department of Investment and Public Asset Management) guidelines and necessary approvals from the Ministry of Coal and other relevant authorities. The company's shares rebounded in May, gaining 12% so far after a 7% decline in April and from May 09 low of ₹ 212, it is up by 17%. Looking at a broader timeframe, NLC shares witnessed a one-way rally between March 2023 and January 2024, delivering a massive gain of 236% in just 11 months. NLC India is a public sector enterprise engaged in lignite mining and power generation. The company has also diversified into the renewable energy and coal mining sectors, both in India and overseas. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
The Journal
15-05-2025
- Health
- The Journal
'Settlement' allowed former CHI boss keep salary after taking up new role, PAC told
CHILDREN'S HEALTH IRELAND (CHI) reached a 'settlement' with its former CEO to retain her salary when taking over a new strategic role within the organisation, the Oireachtas Public Accounts Committee (PAC) was told today. Last year, Eilísh Hardiman, who had led CHI since it was established in 2018, took on another role, as 'strategic programme director' in the organisation. At the time of her new appointment, the CHI board said in a statement it was assigning Hardiman to a senior leadership role to 'pursue and assure delivery on core policy and strategic provisions' which included 'implementation of the National Model of Care for Paediatric Healthcare in Ireland, and optimising co-location benefits of the new hospital on a shared campus with St James's Hospital'. In his first appearance before the new committee, the Controller and Auditor General (C&AG) Seamus McCarthy told the committee that settlements typically have a non-disclosure clause in them, adding that CHI 'was reluctant to make any disclosure in relation to either the fact or the content of that settlement'. He said there is no further information in the financial statements on settlement. The annual report for CHI in 2023 states the Chief Executive salary was €183,866. 'Significant matter' 'I have further information but it is not for me to give it to the committee. I have drawn attention to the fact that it is there and it is really for Children's Health Ireland to provide what further explanation it can give on the matter,' he said. 'A settlement in relation to any chief officer is a very significant matter and those that fund the organisation should be aware of it,' said the C&AG. Advertisement In correspondence circulated to committee members, a note in relation to CHI stated that 'following a mediation process at the end of the previous CEO's contract term, a settlement agreement was reached to appoint her to a new strategic director role within Children's Health Ireland, at her existing remuneration level. 'The agreement also provided for a contribution to her legal costs. The settlement terms were sanctioned by the Department of Public Expenditure, National Development Plan Delivery and Reform.' Fine Gael TD James Geoghegan asked if McCarthy would like to elaborate on the detail of the matter, however the C&AG said 'it is not for me as the auditor to present additional detail'. He said the committee can choose to pursue the matter with the CHI when they appear before the PAC on 22 May. Fine Gael TD Joe Neville said a settlement would typically indicate that somebody has moved on from a job, 'but obviously this person was re-appointed within the same group to a different role'. 'When somebody keeps the same salary as the CEO, it would indicate that it should be a very senior role. If it is not, it obviously creates more questions. It is important that Mr McCarthy has raised it because, as he has said, when it is somebody in a very senior position, it has to be called out and questioned. Ultimately, they are big salaries and big responsibilities. Mediation agreements and sign-off need to be brought up in this context. I welcome that,' he said. €250,000 loss due to late claims submission Separately, the C&AG drew the committee members to another issue, where claims to the value of €250,000 from Children's Health Ireland were rejected by private insurers, as they had not been submitted on time and were outside the required timeframe. 'That was a loss of potential income,' he said. Geoghegan said he found it 'shocking' that CHI lost a quarter of a million euro because it simply had not submitted the forms to the private insurer on time. 'In the context of the overall revenue of Children's Health Ireland, that is a small amount. However, in the real world, a quarter of a million euro simply evaporated because the relevant forms were not submitted,' he said. 'This is really demoralising and bad,' he added, stating that the PAC must find out if the board was informed and what actions have subsequently been take to ensure that something like this does not happen again. Related Reads 'It's damning': Children had hip bones cut into unnecessarily, Doherty tells Dáil Health minister expects CHI to confirm the number of letters sent to families whose children had hip surgeries Hundreds of children put through unnecessary hip surgeries, Dáil told Fianna Fáil's Seamus McGrath called the failure to submit the claims on time as a 'catastrophic failure'. 'It is a quarter of a million euro. It does not appear liability is contested. It is purely on the basis of a claim not being lodged on time, which is unforgivable in many respects, given that €250,000 would provide a lot of health services,' said McGrath. Arts Council and National Gallery Speaking about the Arts Council failed IT project, the C&AG outlined the figures around the grants management system which had an original budget of €3 million and an expected delivery date of the end 2021. 'Work on the development of the system had cost €6.5 million to June 2024 when the project was discontinued. The overall loss of value in respect of the project to June 2024 is estimated at €5.3 million,' he said. Minister Patrick O'Donovan has already expressed 'deep concern' to the chairperson and director of the Arts Council over 'all aspects of the project'. Members of the council are expected to appear before the PAC in the coming weeks. The National Gallery was also a point of discussion, with McCarthy stating that an X-ray system purchased in 2017 at a cost of €125,000. 'The gallery had no suitable location in its premise to accommodate safe operation of the system,' he said, stating that the difficulty with the room was that because it was radiation equipment they needed lead lining of the room. 'They have not been able to find a room that would take the weight of the lead lining, which will obviously be additional expense to create the chamber the camera can be used in. In the meantime the camera is not being used,' he told the committee. The two projects were embroiled in controversy in recent months over concerns over wastage of public funds. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
