Governance - Irish Banking Culture Board

One of the most important tasks at establishment, was the composition of the IBCB Board. The Board has been developed very specifically to ensure:

the Board is Chaired by an independent party, with no prior involvement or experience in banking or financial services;
the position of Deputy Chair is held by a respected Corporate Governance professional;
the corporate governance structure put in place ensures and demonstrates independence, and;
key stakeholder groups are represented.

The role of Chairman of the IBCB Board was publicly advertised and the selection process was run by a panel entirely independent of the Irish banking sector. This process resulted in the appointment of Mr. Justice John Hedigan to the role of IBCB Chair. Following a robust, open recruitment competition run by Odgers Berndtson, Marion Kelly was formally appointed to the role of CEO in March 2020. Marion had previously been acting CEO, seeing the company through the important tasks of set-up and establishment.

The IBCB Board is comprised of eleven Directors in total, with the majority being non-bank. In addition to the Chair and CEO, there are six non-bank Directors drawn from across Irish society. Two Directors represent the interests of Consumers, two others represent other bank customers – most notably SMEs and Farmers. There is a Director drawn from the Financial Services Union, acting as a voice for staff and a Director who is a leading academic with expertise in corporate governance and culture.

In addition to these six Directors, each of the member banks of the IBCB are represented on the Board by Senior Executives from each respective institution, all of whom, at a minimum, report to the CEO. This senior representation ensures that the IBCB has direct access at the highest level in our member banks. The diverse representation on the Board ensures diversity of thought and perspective.

In line with good Corporate Governance practice, the Board are supported in the execution of their duties by a Board Audit and Risk Committee and a Remuneration Committee.

Board Audit and Risk Committee: is chaired by Blanaid Clarke, who is joined on the Committee by Eamonn Crowley.

Board Remuneration Committee: is chaired by Sue O’Neill, who is joined on the Committee by Oliver Wall and Mr. Justice John Hedigan.

Our Financial Year End is 31st March. Our independent auditors are BDO Ireland.