Full text of the Irish Association of Investment Managers statement:
The governance implications arising from the litigation between DCC plc and Fyffes plc has been the subject of continuous monitoring and assessment by the Irish Association of Investment Managers (IAIM).
The litigation was finally concluded in recent weeks.
The conduct expected of Institutional Shareholders in respect of investee companies is set out in The Combined Code on Corporate Governance and in the related Statement of Principles published by the Institutional Shareholders Committee. The IAIM has been conscious at all times of these obligations including the correct process for engagement with the company and guidance on the appropriateness of any public statements.
Following the conclusion of the litigation, the IAIM discussed the matter again in detail and communicated its views to the Board of DCC. The statement made by the company in recent days has also been reviewed.
Having regard to all of the governance issues raised by this matter, the IAIM does not consider it appropriate for Mr Flavin to continue as Executive Chairman of DCC.