Two IL&P directors to step down
IRISH Life and Permanent has signalled that two non-executive directors are preparing to step down. The group is also setting up a risk and compliance committee.
Eamonn Heffernan, an actuary, and Liam O'Reilly (below), a former head of the Financial Regulator, plan to step down at IL&P's annual general meeting in May. The development is expected to set the tone for similar announcements from other financial institutions over the coming months.
Major investors have made it clear that they want to see a number of new faces on the boards by the time of the forthcoming AGMs.
They also want to see an orderly replacement of most older directors over the next year and a half.
Since late last year, IL&P has beefed up its board with the appointments of Pat Ryan -- an actuary and former group treasurer and chief risk officer with AIB -- and Brendan Kelly, a former senior executive and international board member at Boston Scientific.
Group chairman Gillian Bowler announced yesterday that Mr Ryan would chair the new risk and compliance committee. The move to set up this committee follows on from a major review of IL&P's corporate governance and risk by consultants Oliver Wyman last year, in the wake of the scandal surrounding the group's €7.45bn of deposits with Anglo Irish Bank in September 2008.
The chairman went on to announce a number of changes to the membership of other existing board committees.
She said the retiring directors "have been valued colleagues and have made enormous contributions to the board during their respective tenures".