Minister Paschal Donohoe TD launches new governance guide for State boards
Paschal Donohoe T.D., Minister for Finance and for Public Expenditure and Reform, today launched Governance for Directors on State Boards, a new jointly produced publication by the Institute of Directors in Ireland (IoD) and Mazars.
With in excess of 200 State boards in Ireland, the publication, which is based on the principles of the revised Code of Practice for the Governance of State Bodies (August 2016), offers an accessible overview of governance for directors of State bodies.
Minister Donohoe, speaking at the launch of the publication at the Westbury Hotel, Dublin, said: “State boards serve the interests of stakeholders, principally the Irish taxpayer, with distinction. That is why transparency and accountability are so important and the Government has delivered substantial developments in this regard. I would like to acknowledge and thank both Mazars and the Institute of Directors for their contributions in helping and improving the knowledge of those serving on State boards.”
State bodies are held responsible and accountable for ensuring the highest standards of corporate governance and Governance for Directors on State Boards offers practical guidance to directors serving on State boards on their role and responsibilities including conduct and disclosures, reporting requirements and relationships with the Oireachtas, Ministers and parent Departments.
Commenting, Maura Quinn, Chief Executive, Institute of Directors in Ireland, said: “We have seen necessary changes relating to State boards’ governance and the appointment process in recent years and in an era of heightened scrutiny, those serving on State boards must recognise the prominence of their position and the skills and expertise needed to make an effective contribution.”
“We welcome the Government’s commitment to improving the level of female participation by women on State boards and the proposed increased gender target of 45%.”
Commenting, Mark Kennedy, Managing Partner, Mazars, said: “This new guide brings together the existing reference material for directors on State boards. It will encourage good corporate governance arrangements, better decision-making in respect of strategic direction and resource allocation, and facilitate transparency and external scrutiny of how State boards manage their business.”