Ryanair signs proxy over to Minister for Transport

Ryanair said today that it was disappointed that the Board of Aer Lingus has written to shareholders urging rejection of the two Ryanair proposals on directors' fees to be voted on at the Aer Lingus AGM next Friday.

The latest rejection by the Aer Lingus Board of the proposal proves once again that it is being run by government and the unions, according to Ryanair which now sees itself, the largest shareholder with no influence whatsoever. It says that it does not expect directors to work for nothing but it does believe that it's proposed fees are fair and reasonable given the limited time served by the directors and the fact that the current Board has presided over an 80% collapse in the Aer Lingus share price.

Ryanair says that it has now accepted the reality of the situation and has signed it's proxy for next Friday's AGM over to Noel Dempsey, the Minister for Transport, a move which effectively gives the Minister the final say in passing or rejecting the two Ryanair proposals due to the size of combined vote.