Mr. Maurice O'Gorman:

I thank the Chairman and members of the Joint Committee on Transport, Tourism and Sport for inviting me here today. I will start, as requested, by introducing myself and setting out my background as it relates to the role of chairperson of Galway Harbour Company. I thank the committee for letting me follow Cork.

My name is Maurice O’Gorman. I am married to Jacinta, and we have three wonderful children. I am applying for appointment as chairperson of Galway Harbour Company. I was first appointed as a director in October 2017. My career spans both the public sector and the private sector, predominantly in financial services. I graduated with a BA (Hons) in leadership and management and have obtained additional qualifications in business information and industry professional qualifications.

I started my career with the London Stock Exchange in the regulatory division. I undertook work for the exchange projects in various countries and trained at the SEC in the USA. My work took me to Saudi Arabia and in 1992 I joined the Central Bank in Riyadh reporting to the deputy governor with responsibility for capital market development. This work included the establishment of the regulatory framework, the stock exchange, the regulatory authority and large-scale infrastructure projects such as the King Abdullah Financial District, a 32 million sq. ft space in the centre of the city.

In 2006 I joined the National Commercial Bank and within the financial group I was a founder, chief operating officer and head of strategy of NCB Capital, which is an investment bank managing approximately €15 billion in assets. During my time in the Middle East, I was an active member of the Irish Business Association, regularly welcoming Irish businesses and Ministers, and was an active member of the Global Irish Economic Forum.

I returned to Ireland full time in 2015 and focused on building our new house, which we are planning to move into within the next few weeks, and voluntary work. I currently hold the voluntary positions of president of Galway Chamber of Commerce, chairperson of the Galway City Innovation District and a board member of a special fund, NDRC@PorterShed GP Fund 1. I am also an unpaid non-executive board member of a technology company, called Altocloud.

Within the chamber I have been involved in various projects including preparing an economic development plan for Galway and various economic submissions including those on the national planning framework 2040. I was a founder and now chair the Galway City Innovation District, with the aim of supporting and nurturing start-up companies.

In September 2015, we started the renovation of the former Guinness storehouse owned by CIÉ and in April 2016 the PorterShed opened its doors to start-up companies. Since opening we have held over 300 events and welcomed 6,000 visitors including 23 international delegations. The PorterShed currently houses 32 companies employing over 100 people. Additionally over 100 jobs have been created by companies that have graduated from the PorterShed. In May 2017 in a joint venture with NDRC we launched the first accelerator programme outside of Dublin. Nine companies have thus far graduated. Our initial aim is to launch 30 companies over a 24-month period.

As part of my voluntary work I have developed strong links with our local authorities, NUIG, GMIT, IDA Ireland, Enterprise Ireland, Údarás na Gaeltachta and the Marine Institute.

Throughout its long history the Port of Galway has developed, thrived and changed, supporting the free movement of people, and the trade in goods and commodities, which is the basis for our prosperity. As travel and trade have changed over time, and as ships and their cargoes have developed in size, character and technology, so the nature of ports has changed, creating new opportunities for local and regional growth.

The need for safe harbours, with built defences interacting with and changing the natural environment, providing unimpeded access, with water deep enough for the largest vessels, still remains.

Revenue for the Galway Harbour Company has been trending upwards from a low in 2009. Pre-audit figures for 2017 show revenue in excess of €4 million and operating profits in excess of €800,000. Revenue is split fairly evenly between shipping, leasing and parking. The board and management will continue to focus on growth through improved competitiveness and investment.

An immediate priority in accordance with applicable legislation and the code of practice for the governance of State bodies will be the recruitment of a chief executive officer. Our incumbent CEO will be retiring on 1 March. Of equal priority is to ensure the smooth transition from State ownership to local authority ownership. The company has commenced working with the Department and the council management to undertake the due diligence required for an effective share transfer.

Good governance is an area in which I have been involved as both a regulator and as a practitioner. The goal of the board and management is to ensure that resources are directed in accordance with agreed policy, that there is sound decision making and that there is clear accountability for the use of resources in order to achieve desired outcomes.

The planning application for the extension of the port is under consideration by An Bord Pleanála. The board of the Galway Harbour Company must ensure that the process is managed appropriately, in terms of cost and time. The board must ensure that there are plans in place to ensure continued operation of the port, subject to a successful or unsuccessful application. Assuming planning permission is granted, the Galway Harbour Company will need to prepare a funding model that attracts private-sector investors and lenders in order that the required capital is available and that the port operates profitably on an ongoing basis.

Sufficient resources will be required to ensure that contracts for the extension of the port are entered into in line with State procurement requirements, are managed appropriately to ensure value for the State and deliver the expected outcome.

As travel and trade have changed over time, and as ships and their cargoes have developed in size, character and technology, so the nature of ports has changed. This creates new opportunities and challenges the Galway Harbour Company.

I take this opportunity to thank the outgoing chairperson, Mr. Paul Carey, for his dedication and commitment and to Mr. Eamon Bradshaw, the CEO, for the considerable work he has undertaken to develop and grow the Galway Harbour Company.

I am honoured to be designated as chairperson. I will do my utmost to meet the obligations of the role. I thank the committee for its time. I will do my best to answer any questions the committee may have.