(Pictured L to R: Dr. Margaret Cullen, Governance Advisor and Board Assessor, IoD Ireland; Imelda Reynolds CDir, President, IoD Ireland; John Reynolds CDir, Deputy President, IoD Ireland; Caroline Spillane CDir, Chief Executive Officer, IoD Ireland; and Gerry Cross, Director of Financial Regulation - Policy and Risk, Central Bank of Ireland).
The event opened with a welcome address from Imelda Reynolds CDir, President, IoD Ireland. Imelda highlighted that the aim of the event was to provide IoD members with the opportunity to hear directly from the Central Bank of Ireland on the Individual Accountability Framework (IAF), as well as providing members with the opportunity to seek clarifications and ask any questions they may have.
Imelda noted that IoD Ireland will be responding to the IAF consultation through the lens of best-in-class governance, and added that to inform IoD Ireland’s response, the Institute had conducted research with members to garner their views of the proposed IAF Regulations and IAF Guidance. Imelda thanked all of those who participated in the research and provided added insight into the IoD consultation.
Imelda also reflected in her address the key elements of the Central Bank of Ireland’s Individual Accountability Framework. These include the Senior Executive Accountability Regime (SEAR); the Conduct Standards applicable to persons in Controlled Functions; and certain aspects of the enhancements to the Fitness & Probity regime.
(Pictured L to R: Imelda Reynolds CDir, President, IoD Ireland; Caroline Spillane CDir, Chief Executive Officer, IoD Ireland; and John Reynolds CDir, Deputy President, IoD Ireland).
Gerry Cross, Director of Financial Regulation - Policy & Risk, Central Bank of Ireland, addressed the audience and provided an overview of the key aims and ambitions of the new framework. Gerry reflected that the aim of the framework is aiming to match the aim of IoD Ireland’s vision, to make Ireland an exemplar of corporate governance. Gerry noted,
"At the heart of the IoD’s work – at least from my observation - is the idea of highly performing boards and board members delivering good outcomes for a wide range of stakeholders. High performance boards and directors, driving successful companies, underpinned by an important, but not overly intrusive, framework of legal obligations. "
In his address Gerry addressed the background to the IAF, and also provided an overview on SEAR, Conduct Standards, Fitness and Probity Regime, and the ASP. Gerry also addressed the nature of the framework, the idea of collective responsibility, the role of non-executive directors, sharing of responsibilities/roles, reasonable steps, and the CBI’s approach to supervision. Gerry’s full speech is available to view on the Central Bank of Ireland’s website.
(Pictured: Gerry Cross, Director of Financial Regulation - Policy and Risk, Central Bank of Ireland, addressing a packed audience of IoD members).
The event then moved on to an in-conversation segment with Dr Margaret Cullen, Governance Advisor and Board Assessor, IoD Ireland, and Gerry Cross, Director of Financial Regulation - Policy & Risk, Central Bank of Ireland. In this segment Margaret addressed key themes, such as: Collective Board Responsibility and Strength; Trust; and the expectation perception. This segment was followed by an engaged Q&A session with the audience.
(Pictured L to R: Gerry Cross, Director of Financial Regulation - Policy and Risk, Central Bank of Ireland; and Dr Margaret Cullen, Goverance Advisor and Board Assessor, IoD Ireland).
The event was closed by Caroline Spillane CDir, Chief Executive Officer, IoD Ireland, providing an overview of some of the key themes and issues discussed during the event. Caroline also highlighted that IoD Ireland will be responding to the IAF consultation through the lens of best-in-class governance. She also took the opportunity to thank all of the members who fed into this response, as it aids our aim, as Imelda highlighted, to fully represent our member views with authority, and fulfill our strategic vision for Ireland to be an exemplar of corporate governance standards.
