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Pre-crisis IL&P director to step down

FINANCE

Published 03/06/2011 | 05:00

THE only Irish Life & Permanent non-executive director whose appointment predates the bank guarantee scheme is set to step down from the plc's board.

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The impending resignation of Roy Keenan was confirmed by IL&P in a brief statement yesterday. No date was given, but he is expected to leave towards the end of the year.

Finance Minister Michael Noonan has publicly said he would rid bank boards of pre-crisis directors, and the Financial Regulator is also carrying out a review of individual directors' role in their institutions' troubles.

An IL&P spokesman last night said Mr Keenan had indicated his plans to step down "some time ago", having served almost five years on the board.

The news comes three months after two of Mr Keenan's fellow pre-crisis directors -- former O2 boss Danuta Gray and NCB chair Breffni Byrne -- announced they would be retiring from the board.

IL&P chair Gillian Bowler has also recently been replaced by newcomer Alan Cook, leaving the plc with just three directors who pre-date the bank guarantee scheme.

The trio are chief executive Kevin Murphy, finance boss David McCarthy and actuary Ciaran Long, and are all expected to stay with IL&P's life-insurance arm when the business is sold later this year.

The announcement also included a number of other changes to its board committees. The audit committee is slimmed down to three members -- Margaret Hayes, Pat Ryan and Roy Keenan -- reflecting the recent departure of Mr Byrne.

Mr Cook replaces outgoing chair Ms Bowler on the remuneration committee, which also includes Mr Keenan and former Finance Minister Ray MacSharry. Mr Cook is also on the nomination committee with Mr Keenan and Mr MacSharry.

Irish Independent

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