Bit busy on the UK front at the moment, so not sure if this is the first "forced" change in directorship as a result of the revised Irish Corporate Governance code, but it is very high profile, being a subsidiary of supermarket behemoth Tesco. The latest deadline of obligations to comply with would have been last week (end of June).
Strange in a number of ways - firstly that as an "adviser", he is reportedly keeping the same influence he wielded as non-executive chairman (surely not in the detail or indeed spirit of the code), and more significantly, that a large, well connected company couldn't find it's way around the code (not reported, but I suspect this would be due to the number of other directorships this gentleman holds) - this surely shows that the Central Bank will be taking no prisoners on the board composition front. Well done!
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
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