On 1 August, 2013 the Central Bank of Ireland published a consultation paper (CP69) on proposed revisions to the Corporate Governance Code for Credit Institutions and Insurance Undertakings (the Code). The Code became effective on 1st January 2011 and sets out minimum statutory requirements on how credit institutions and insurance undertakings should organise the governance of their institutions. The Consultation Paper sets out a number of proposed amendments in such areas as the composition of the risk committee and the board sub-committees more generally, and the requirements relating to the Chairman and the CEO. The Consultation Paper also sets out a proposed new section on the role and responsibilities of the Chief Risk Officer, among other proposed amendments. Further, the Paper seeks comments on issues such as board composition and board meeting requirements, and the current limit on the number of directorships permitted for directors of institutions. Submissions are invited from interested parties by 1st October 2013.
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Central Bank issues consultation paper on proposed revisions to the Corporate Governance Code for Credit Institutions and Insurance Undertakings
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