Annual Report
2020 – 2021

Annual Report
2020 – 2021

Governance

Governance

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Structure

The IBCB Board is comprised of fourteen Directors in total, with the majority being non-bank. In addition to the Chair and CEO, there are seven non-bank Directors drawn from across Irish society. Three 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 seven Directors, each of the founding member banks of the IBCB are represented on the Board by Senior Executives from each respective institution, all of whom 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. During the reporting period, there were some changes to the Directors on our Board. Gareth Murphy, who had held the position of interim General Secretary with the Financial Services Union (FSU), stepped down from the IBCB Board upon the appointment of the permanent FSU General Secretary, John O’Connell. John O’Connell was appointed to the IBCB Board in July 2020. In addition, upon his retirement from Bank of Ireland, Vincent Mulvey (former Bank of Ireland Chief Risk Officer) stepped down from the IBCB Board and was replaced by his colleague Myles O’Grady (current Bank of Ireland Chief Financial Officer) in April 2021. Both Gareth and Vincent were Directors on the Board since the inception of the IBCB. The Chairman and fellow Directors on the Board would like to formally thank them for their contributions to the Board and various working groups established by the IBCB which they were involved in. Full details for all Directors are set out below.

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

Throughout 2020, primarily in response to the prevailing Covid-19 pandemic, the Board held an increased number of Board meetings, both scheduled and out of course, up from 6 scheduled meetings to 13 meetings in total. 

Following the conclusion of the Board’s first full year in operation, an independent effectiveness evaluation was conducted to assess Board cohesion, clarity and overall performance. The evaluation was performed by external consultants, Change Associates and included a range of assessment measures, such as self-assessment surveys and 1:1 meetings with the evaluator. 

The Board has dedicated time throughout the year to dealing with and addressing the findings arising from the evaluation. 

Topical updates and relevant Company Law matters are covered by the Board’s Company Secretary. Given the diverse nature of the Board, with some members drawn from the banking industry, and the majority coming from outside, education on relevant topics relating to the overall banking sector is an ongoing area of focus. Over the last year, speakers at our Board meetings have included Credit Review, Competition Law Guidance from A&L Goodbody, Insolvency Service of Ireland and the Central Bank of Ireland. Going forward, in addition to training, the Board intend to invite other stakeholder representatives to speak at Board meetings, to ensure a wide range of views on the sector are sought and listened to.

Board members