Former CEO of the National Treasury Management Agency (NTMA) Dr Michael Somers was appointed President of the Institute of Directors in Ireland (IoD), at the Institute’s AGM last evening (25 May 2017).
Dr Somers, who is Chairman of Goodbody stockbrokers and Deputy Chairman of Allied Irish Bank, takes up the position for a two-year term.
He succeeds Des Lamont following the completion of Mr Lamont’s two-year term leading the board of the Institute which has a membership of over 2,600 directors and senior executives and is Ireland’s leading advocate for best practice in corporate governance.
Dr Somers said:
“The role of director is evolving at a faster pace than ever before. New regulations have come into force in recent years and more are coming in the near future. This means directors need to be well informed about the greater degree of responsibility and professionalism required of them.
“The Institute of Directors in Ireland will play a crucial role in supporting directors during this time of change through our formal training programmes and informational events and publications.
“I look forward to supporting this effort and continuing the Institute’s mission to promote best-practice in the boardroom.”
Dr Somers, who was CEO of the NTMA from 1990 until the end of 2009, has also served as Commissioner of the National Pensions Reserve Fund and Chairman of the National Development Agency.
He was previously Secretary General of the Department of Defence from 1985 to 1987 and among many achievements chaired the EU group that established the European Bank for Reconstruction and Development.