Thursday, 30 September 2010

Ireland: ISE decides against introduction of Irish Corporate Governance Code

Earlier this year the Irish Stock Exchange published a consultation paper (here, pdf) in which it proposed the adoption of an Irish Corporate Governance Code, based on the UK Corporate Governance Code. In a feedback statement published yesterday - see here (pdf) - the Exchange announced that most respondents were against the introduction of an Irish Code. The ISE has therefore decided not to introduce its own Code and will retain the Listing Rule requiring ISE listed companies to comply or explain with the UK Corporate Governance Code.

The ISE is, however, proposing that listed companies should additionally comply or explain with a new Irish corporate governance annex within its Listing Rules. A draft of this annex has been published - see here (pdf) - and it contains provisions concerning the board (e.g., composition, evaluation, appointments, re-election), audit committee and remuneration.

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