Ireland's accountability regime made a regulated board seat a named, documented responsibility
The Senior Executive Accountability Regime and the conduct standards under the Central Bank (Individual Accountability Framework) Act 2023 apply to in-scope firms, with responsibilities mapped to individuals.
1 July 2024
The Individual Accountability Framework introduced three things that change what an Irish board seat is: conduct standards binding on individuals, an enhanced fitness-and-probity regime, and the Senior Executive Accountability Regime, under which in-scope firms must produce statements of responsibility for individuals in senior roles and a management responsibilities map.
It applies against a market whose demand is created by domicile rather than by the domestic economy. Thousands of funds and sub-funds, together with insurance undertakings, payment institutions and bank subsidiaries, are established in Ireland and each needs a board that satisfies the Central Bank's corporate-governance requirements.
The Central Bank assesses time commitment directly as part of fitness and probity, including the number of other directorships a candidate holds.
What it means for a cross-border candidate
The time-commitment assessment is the part most candidates underestimate, and it is also the reason the market keeps opening. Because the Central Bank caps in practice how many Irish regulated seats one director can credibly hold, boards cannot keep recycling the same twenty names — which is a structural, regulator-created reason to look at a new candidate.
This paragraph is the Global ID Exchange’s own reading, not a statement by any authority named above. Everything in the body of this item is a matter of record; this is judgement.
Sources
- Central Bank (Individual Accountability Framework) Act 2023
- Central Bank of Ireland — Corporate Governance Requirements and Fitness and Probity regime
Rules change and transitional provisions frequently apply. Verify against the primary instrument before you rely on any provision described here.
Read next: Ireland's regulated-board market.
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