RYANAIR IS believed to have sent letters of complaint to financial regulators in Britain and Ireland about Aer Lingus’s decision last week to reject its request for a shareholder meeting to discuss motions on a controversial redundancy scheme and a possible payment to its pension scheme.
Ryanair yesterday published a letter that it sent to Donal Moriarty, Aer Lingus’s company secretary, seeking the reasons why its request for an egm was denied.
“Please explain as a matter of urgency your refusal, which is in breach of Irish company law and shareholder rights legislation,” stated Juliusz Komorek, Ryanair’s company secretary. “Your continuing failure to do so is unacceptable.”
The letter was copied to the enforcement directorate of the Central Bank of Ireland; the Irish Stock Exchange; the Office of the Director of Corporate Enforcement in Dublin; the London Stock Exchange; the Financial Services Authority in Britain; and the UK Listing Authority.
It is understood Ryanair also lodged complaints with these bodies about Aer Lingus’s behaviour in refusing its request.
On November 2nd, Ryanair submitted a requisition notice to Aer Lingus calling for an egm to be convened within three weeks.
It wanted two motions to be considered.
One related to the publication of an external report into the controversial leave and return scheme, which resulted in Aer Lingus making a €30 million settlement with the Revenue Commissioners earlier this year.
The other demanded that Aer Lingus make no further contributions into its employee pension scheme, which is in deficit.
As Aer Lingus’s biggest shareholder with a stake of 29.8 per cent, Ryanair believes it is fully entitled to requisition an egm on these matters.
Last Friday, Aer Lingus rejected Ryanair’s request.
“Ryanair was informed that the purported requisition did not comply with the requirements of Irish company law in either substance or form,” Aer Lingus said.
“Ryanair was further informed that Aer Lingus would not convene the egm and that any attempt by Ryanair to convene such a meeting by itself would be invalid.”
A spokesman for Aer Lingus yesterday declined to comment on Ryanair’s latest letter.