BROKERS IRELAND One Voice One Representation One Strength
BROKERS IRELAND One Voice, One Representation, One Strength Enabling – Assuring – Advising Download Webinar Recording – 01 March 2017
Agenda • Introduction/Background to BI • Organisational Chart, Board & Committees • Communication and Representation • Financial Summary • Corporate Governance • Progress to Date • Compensation Fund • Strategic Objectives • Completing the Merger • Q&A
Introduction A Lot Done But a Lot More To Do … • The EGM is two months away • Much to be done between now and issue of EGM notices and supporting documents • Nevertheless, we are still on schedule under every heading • We expect to have answers for you today on most issues • Today’s priority is to bring members up to speed with developments and to listen to any queries/concerns that you may have and take these away for further consideration
What is Brokers Ireland? • Set up over 2 years ago as an IBA/PIBA collaboration • Used for joint submissions, Central Bank meetings, lobbying, and other similar activities • Is also used as a means to pool intellectual resources
What Will The Merger Achieve? • Gives the two Associations’ members one clear, powerful voice • Pools Human and Financial resources • Creates a resource-strong and financially-strong body • Produces greater cost efficiencies and savings • Eliminates unnecessary duplication • Allows delivery of “Best of Both” to the Broker • Enables “Deeper Specialisation” of delivery to members
If Merged, BI Will Work On…… • Common submissions • Meetings with Central Bank, Dept. of Finance, and other bodies • Events - Service Awards, Broker Awards, Regional Meetings & Seminars • Product Provider communications • Lobbying and PR • Solving common Insurance, Compliance, Tax, and Legal issues • Education; CPD; Scholarships • Webinars and other Member Communications • Monthly Magazine
Commitment to Mobilising Our Best People Whilst Striking a Balance Between……. • IBA and PIBA • Dublin and Nationwide • General and Life
Proposed Organisation Headlines HEAD OFFICE IBA’s Building, Merrion Sq CEO Diarmuid Kelly (Current CEO PIBA) DEPUTY CEO Ciaran Phelan (Current CEO IBA) PRESIDENT and CHAIRMAN of the BOARD Current IBA Deputy President – Cathal Lowe 10 BOARD MEMBERS 5 IBA & 5 PIBA VICE PRESIDENT Current PIBA Board Member JOBS FOR ALL STAFF No Redundancies
Proposed Broker Ireland Board IBA PIBA • Hooper Dolan - Cathal Lowe • First Ireland - Linda Gallagher • ITC – Aidan Mc. Loughlin • ARB - Paul Carty • Kidd Insurances - Noel Sweetman • A. N. Other – PIBA • A. N. Other - PIBA
Committees Four Committees Initially • Corporate Brokers (General Insurance) • General Insurance (General Insurance) • Financial Services (Life) • Compliance (General & Life) The 4 Chairpersons will each have a seat on the Board.
Nationwide Communications & Representation • Regional Meetings to continue • Principal Meetings to continue • Regional Representation to continue • All Committees to have best possible talent • The member-base countrywide will be trawled • Formal 1 -to-1 member visits by Management to be introduced
Financials • IBA & PIBA cash reserves are similar • IBA brings the Head Office building to the Balance Sheet • IBA’s annual subs income = 50% of PIBA’s • Consequently, 2 years after a merger, the two organisations will have contributed equally (financially)
Corporate Governance • With openness and transparency a key priority, the Steering Group has retained Deloitte • Deloitte with the Steering Group will shape a template to Brokers Ireland’s specifications, and pass to the Board • The Board will direct Management to collaborate with Deloitte to complete and fully populate the document • Corporate Governance final policy documents when completed, Board to consider and decide if EGM is necessary for approval Note 1: Corporate Governance will include a Code of Ethics, and policies on Staff Remuneration & Performance Management Note 2: Steering are examining setting up a Corporate Governance committee with possibly an external Chair.
BI Merger - Current State of Play ü Project run by Steering Group ü Cost Benefit Analysis (CBA) ü Year 1, 2, and P&L Projections ü Analysis of Accounts, Investments, Assets üAgreed IBA/PIBA split of: § Legal Advisers § Tax Advisers § Auditors § Co. Secretary ü Tax analysis including CGT and Stamp Duty
BI Merger - Current State of Play (contd) üOffice Layout üIBA/PIBA split of IT: § CRM System § Brokers Ireland Website § Financial Broker Website üHeads of Agreement completed üMerger Agreement Doc üConstitution and Memo & Arts
BI Merger - Current State of Play (contd) üBranding & Logo üMagazine content/style üAGMs set for May 18 2017 üIf it’s a “Yes” vote, Brokers Ireland will begin immediately in relevant areas üOfficial Merger date is Sept 1 st, but informal Board meetings will commence shortly after May 18 2017 üLaunch scheduled for September 2017
IBA Compensation Fund • The Fund will continue and be re-named • Members’ fee reduced to € 25 p. a. • It will be possible to utilise the Fund for the benefit of the Broker community, e. g. Scholarships
General Strategic Objectives • Representation of members’ interests to Insurers, Product Providers, Govt. Departments and Central Bank • Legislation and Compliance support • Business Development Support • Public Relations and Communications • Membership Services Note: All of the above feed into the Mission Statement
Specific Strategic Objectives • The Board will provide direction and support to Management on short, medium, and long term specific objectives and strategies • Initially the principal focus will be on bedding-in all aspects of the new entity, including best Corporate Governance • Identifying new Specific Strategic Objectives will be a priority for the new Board and Management, for example, we expect to conduct a feasibility study on ending payments from Insurers • Development and Implementation of Strategies will vest in Management
Completing the Merger • EGM & AGM on May 18 th 2017 in the Croke Park, Dublin 3. • Official notices and documents will be sent in late April • These will include resolutions, and other documents such as Merger Agreement and/or new Constitution Note: The structures outlined in these slides will be incorporated into the above mentioned documents (where relevant) • To pass the vote to merge, 75% of votes must be in favour • Voting will take place at the EGM • Proxy voting will also be available • If passed, the Steering Group’s critical path to launch will be activated
Any Questions ? • Please type and submit any question and we will do our utmost to address each question
BROKERS IRELAND One Voice, One Representation, One Strength Enabling – Assuring - Advising
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