The representative body for employee shareholders at ESB has joined the main unions at company in condemning Government plans to move ownership of the transmission grid to Eirgrid.
The ESB Esop Trustee holds 5 per cent of the capital stock of ESB on behalf of more than 10,000 current and former ESB employees.
The trustee board said in a statement this morning that the transfer of ownership will "have an enormously detrimental impact" and says it is "determined to protect the interests of its members" and will oppose "any Government attempt to commandeer its assets."
"No coherent explanation has been given as to how moving the transmission assets of ESB to Eirgrid will save any costs," it stated.
It also asserts that the break-up of will "destroy an enormous sum in shareholder value for the State and for ESOP members" without delivering guaranteed advantage to the consumer.
Apart from concerns for its investors the Esop Trustee also said the transfer will result in a duplication of management and other overheads and ignores the fact that Eirgrid already manages the transmission assets quite independently of ESB.
The board added the Esop has legal and moral rights which it "intends to enforce if necessary."
Yesterday six of the main ESB unions met and agreed a resolution which states that the transfer of ownership is " contrary to good economic policy, not in the interest of customers, the national interest, security of supply or the staff."
The resolution goes on to say that the proposals will be "resisted by the staff of ESB through their Unions to prevent their implementation."