Earlier this year, the Central Bank (the Bank) published a consultation paper in which it proposed the introduction of a number of changes to the Corporate Governance Code for Credit Institutions and Insurance Undertakings (the Code). The Code applies on a statutory basis to all credit institutions and insurance undertakings which are licensed or authorised by the Bank (including reinsurers but excluding captives which are governed by a separate Corporate Governance Code). The consultation focused on whether there were aspects of the Code which could be clarified, enhanced or amended to strengthen its provisions.
It is expected that a revised version of the Code will be published before the end of December 2013. According to the Bank, institutions will be provided with a reasonable timeframe for the implementation of the revised Code which will take into account the materiality of any amendments made.