IBOA doesn't want 'old regime' on the boards
Saturday October 25 2008
The IBOA finance union has called on the Finance Minister Brian Lenihan to make sure his boardroom nominees for lenders covered by the €500bn guarantee have no connections to the "old regime" of Irish banking.
Under the scheme, the minister will approve a panel from which all covered banks must pick between one and two non-executive directors to "promote the public interest" over the two-year lifespan of the guarantee.
In a letter to Mr Lenihan, IBOA general secretary Larry Broderick said any ministerial nominee should:
l Be domiciled in Ireland for income tax purposes;
l Have no current or previous engagement as either a board member or contractor (such as an auditor, accountant or legal adviser) with a bank or similar organisation;
l Have adequate financial or commercial experience;
l Have knowledge of the banking and financial services sector;
l Have boardroom experience;
l Have a sufficient profile of achievement to be credible;
l Have the necessary time available to devote to the role.
