The Irish Stock Exchange has announced the adoption of new rules in relation to corporate governance. The change will require Irish listed companies to comply or explain against the provisions of the UK Corporate Governance Code with effect from 30 September 2010. The UK Corporate Governance Code replaced the Combined Code in May of this year and is widely regarded as best practice internationally and a benchmark for corporate governance standards. The Irish Stock Exchange believes the new requirement will maintain parity of the ISE Listing Rules with standards applying in the UK.
The Irish Stock Exchange is also committed to implementing the recommendations contained in the Report on Compliance with the Combined Code on Corporate Governance by Irish Listed Companies (the" ISE/IAIM commissioned report" ). It is expected that these additional requirements will apply to Irish listed companies with financial years commencing on or after 1 January 2011.