Read IoD Ireland’s formal submission to the Individual Accountability Framework consultation. This consultation is now available exclusively for IoD Ireland members.
IoD Ireland responded with the aim of empowering, protecting, and supporting directors and senior executives of financial services organisations in executing their legal duties. Our response was based on three main themes including: inherent contradictions between the philosophies of collective board responsibility and strength versus individual accountability; diminished levels of confidence in the supervisory and enforcement processes of the Central Bank of Ireland (CBI); and role execution expectation gaps between the industry and the CBI.