On 8 November 2010, the Central Bank of Ireland (the CB) published the Corporate Governance Code for Credit Institutions and Insurance Firms (the Code). The Code imposes minimum standards of corporate governance on the boards of directors of insurers and reinsurers, with additional requirements imposed on firms designated by the CB as "major institutions". The Code contains detailed provisions on the composition and functions of such boards of directors. Key issues addressed in the Code include the role of, and minimum number of, independent non-executive directors, limits on the number of directorships a director can hold, as well as a requirement to review board membership at least once every three years. The Code also provides for the establishment of audit and risk committees. Importantly, each entity that is subject to the Code will be required to submit an annual compliance statement to the CB. The Code also contains transitional provisions, setting out the timeframes within which measures must be taken to satisfy its requirements. However, the Code will apply to existing directors and boards from 1 January 2011.