Thursday, 7 July 2011

Irish Corporate Governance - first forced shift of director?

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!

No comments:

Post a Comment