Governance shake-up for Irish investment firms

Author: Lizzie Meager | Published: 25 Aug 2015

The market is apprehensive of the changes sparked by the Central Bank of Ireland’s recently-closed consultation on the corporate governance of investment firms.

This is despite the more contentious aspects of the original proposal having been withdrawn.

Following the consultation’s close on August 5 2015, the central bank will collate responses and issue a feedback statement, then it will issue finalised rules. Market participants expect the new regime to be phased in by June 2016.

"It has been received with great interest, and certain trepidation by the industry," said Patricia Taylor, a partner at William Fry. "The concern is that boards may wind up focussed on box-ticking rather than substantive business issues."

The most remarkable changes include adjustments to the role played by both CEO and chairman, the introduction of...