The Corporate Governance Code for Credit Institutions & Insurance Undertakings was published by the Central Bank of Ireland in November 2010. The Code applies to all Irish banks, building societies, insurance companies (both life and non-life but excluding captives), and reinsurance companies (excluding special purpose reinsurance vehicles) since 1 January 2011.
Institutions were given a transitional period of 30 June 2011 to implement any necessary changes to their systems and structures, with an extension to 31 December 2011 where changes to the board were necessary. Institutions which are considered by the Central Bank to be a “Major Institution” will be subject to more onerous requirements than other financial institutions.
Our team can assist you with putting appropriate documentation and procedures in place to comply with the Code, including:
- Policy documents regarding conflicts of interest of board members;
- Formal letters of appointment for directors;
- Formal board reviews on an annual basis;
- Terms of reference for the board and all sub-committees of the board;
- Formal remuneration policy;
- Formal list of matters reserved specifically to the Board for decision; and
- Annual statement of compliance with the Code for inclusion in the Annual Report