Ireland: Government proposes binding governance code for listed companies

Following the recent election, Fine Gael and Labour have formed a coalition in Ireland and have published their joint programme for government: see here (pdf). Proposals are made with regard to corporate governance and financial regulation, including:

We will make good corporate governance the law, not an optional extra, and enact legislation to provide for binding code of practice for corporate governance, which will be obligatory for companies wishing to be listed on Irish stock exchange.

The new Government will re-structure bank boards and replace directors who presided over failed lending practices. We will ensure that the regulator has sufficient powers of pre-approval of bank directors and senior executives. To expedite this change-over we will openly construct a pool of globally experienced financial services managers and directors to be inserted into key executive and non-executive positions in banks receiving taxpayer support".