IoD Ireland Members' Update
February 2023
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Dear Anne,
Last week you may have noticed that we launched our latest research, which looked specifically at cyber security. The new findings found that 41% of respondents have experienced a cyber attack in the last year. It is crucial that the governance of cyber security must evolve in line with the sophistication of the threat landscape, along with the introduction of necessary cyber security protection legislation and regulation measures. We have submitted these findings to the National Cyber Security Strategy 2019-2024 Mid-Term Review Consultation, as well as sharing with the relevant Ministers and departments.
The IoD will also be making a submission to the Department of Enterprise, Trade and Employment as part of their public consultation process on the Corporate Sustainability Reporting Directive ahead of its transposition into Irish law. If you have any thoughts on this directive, please do get in touch.
As a reminder, the latest version of the Directors' Handbook, produced in partnership with McCann FitzGerald LLP, is now available to access on our website. This Handbook is an excellent resource, and highlights some of the key duties and responsibilities of being a director.
This ezine’s issue also includes the latest events, director training, exclusive content and benefits available to members, all available below. I hope you find it helpful.
Caroline Spillane CDir
Chief Executive Officer
Institute of Directors (IoD) in Ireland
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Corporate Sustainability Reporting Directive: What Directors Need to Know and Do | Webinar
Thursday, 9th February 2023 | 9:30am - 10:30am
We are delighted to invite you to join this upcoming webinar with Éamon Ó Cúiv, Partner, McCann FitzGerald LLP.
The IoD Briefings Series is sponsored by Accenture.
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Leading Sustainability: What Directors Need to Know and How to Do It | ESG Course
Understand what sustainability means for your organisation.
Our highly-rated ESG course addresses the role and actions a board should take, covering the governance agenda, the net zero agenda, the broader environment agenda, and the social agenda.
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IoD Essentials Workshop Series
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Leadership and Governance for Charities in Ireland | In-person Workshop in IMI
22nd February 2023 | 9:00am - 4:30pm
Learn more about being a charity director/trustee with our workshop led by Marie Collins CDir, Chartered Director.
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Understanding the Role and Responsibilities of the Board, Its Chair and Directors | In-person Workshop in IMI
28th February 2023 | 9:00am - 4:30pm
Gain a greater understanding of the role and duties of a director with this workshop led by John Smyth CDir, Chartered Director.
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Great Strategy in Uncertain Times | Online Workshop
15th March 2023 | 9:30am - 12:30pm
Learn to become a more strategic director with this workshop led by Professor Simon Haslam CDir, Chartered Director.
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Setting Your Board Up For Success – Getting Board Information Right | In-person Workshop in IMI
21st March 2023 | 9:00am - 12:30pm
Learn how to make your board more effective with this workshop led by Dr Margaret Cullen, non-executive director.
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High Court Pierces Corporate Veil | Director Factsheet
Our latest Director Factsheet, from McCann FitzGerald LLP, is a briefing which highlights that, for the first time, the High Court has pierced the corporate veil to make directors and shadow directors personally liable for the fraud of a company.
The case referenced, with some recent other decisions of the Irish courts, is a further reminder that a person ought not become a director of an Irish company unless he or she is prepared to engage actively in the affairs of the company, understands their duties and acts at all times in the interest of the company.
Please note: To read this members’ only content, you must be logged into the members' area of our website. For more Director Factsheets, please visit our website.
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The Irish Property Market Outlook | Webcast
Are you interested in the latest Irish property market trends for 2023? Why not watch our webcast with Marian Finnegan, Managing Director, Residential and Advisory, Sherry FitzGerald Group.
The IoD Briefings series is kindly sponsored by Accenture.
Please note: To view this members’ only content, you must be logged into the members' area of our website. For more webcasts, please visit our website.
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Emotional Intelligence: 5 Steps to Amplify Your Impact as a Leader | Blog
Read this exclusive blog by Daire Coffey CDir, Executive Coach, Non-Executive Director and founder of Perspectives.
Daire writes: 'For a business to succeed and thrive in this new landscape it will need leaders who care, who demonstrate compassion. Leaders with emotional intelligence skills who can model and champion cooperative working, who coach rather than command, and who are driven by empathy, not ego.'
Please note: To read this members’ only content, you must be logged into the members' area of our website. For more blogs, please visit our website.
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Meet a Member
Sylvia Cronin, Chair and Independent Non-Executive Director
For the past three years, Sylvia Cronin has served as either a Chair or Independent Non-Executive Director on several Financial Services company boards including FBD Insurance, Mercer, Mediolanum, and Canada Life Europe. Sylvia was Director of Insurance Supervision in the Central Bank of Ireland until October 2019.
Before joining the Central Bank, she spent her career in the insurance industry as CEO of Augura Life Ireland Ltd, CEO of MGM International Assurance Ltd, and spent several years with the AXA Group where she was head of Business Development, Services and Marketing. Sylvia started her insurance career with the Fortis Group where her focus was on IT Management.
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Focus on Diversity and Inclusion at First Lunch Bites @ the IoD Event of 2023
The Institute of Directors in Ireland was delighted to host the first of its Lunch Bites @ the IoD Series of 2023, on Thursday, 2nd February 2023.
The event addressed the important topic of 'Diversity and Inclusion' and featured keynote speaker, Kieran Walsh, Chairman and Independent Non-Executive Director, Haven Green Investment Management. Mr Walsh highlighted why diversity and inclusion is important and also offered advice to business leaders to ensure they are being mindful of disability diversity and are being inclusive. After an insightful Q&A session, the attendees also heard from John Fulham, Advocacy and Public Engagement Manager, Irish Wheelchair Association (IWA), who delivered an update on the IWA.
Lunch Bites @ the IoD is again being kindly sponsored by IQ-EQ in 2023.
Pictured above at Lunch Bites @ the IoD (left to right): John Fulham (IWA), Caroline Spillane (IoD Ireland), Tom Berrigan (IQ-EQ), and Kieran Walsh (Haven Green Investment Management)
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Featured Member Benefit
Tailored D&O Liability Cover with Glennon Insurance
Glennon Insurance has created a tailored insurance solution for individual directors in Ireland, available only to IoD Ireland members. This exclusive insurance scheme covers executive and non-executive directors, and senior management against legal actions and their costs, and helps protect personal assets.
Glennon Insurance is delighted to offer IoD members a complimentary and confidential consultation regarding Directors and Officers' (D&O) insurance.
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Cyber Security | New IoD Ireland Research
Our latest Director Sentiment Monitor research report for Q4 2022 was published last week, focusing on the key area of cyber security. The survey was open to IoD members only. You may have read about the research on RTE online, Business Post, Think Business, Silicon Republic, or elsewhere.
The report reveals findings in relation to cyber security. These include: 41% of respondents noted that their primary organisation has experienced a cyber attack; 70% of business leaders and directors note that they are extremely or very concerned about the potential impact of cyber security threats to the business continuity of their primary organisation; and 67% of directors say they have undertaken cyber security training in the last 12 months.
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Directors' Handbook: Fifth Edition
The fifth edition of the Directors’ Handbook, produced in partnership with McCann FitzGerald LLP, reflects company law up to August 2022. A digital version of the Directors’ Handbook is exclusively available to IoD Ireland members at the below link.
All IoD Ireland members receive a hard copy of the Handbook when they join in their member pack, and a digital version is available to view on the IoD website. Additional copies of the Handbook are available to purchase for €15 by calling the office on +353 1 411 0010.
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A Handbook for Directors of Regulated Financial Services Companies in Ireland: Fourth Edition
The fourth edition of the ‘Handbook for Directors of Regulated Financial Services Companies in Ireland: Fourth Edition’, produced in partnership with McCann FitzGerald LLP, reflects law and regulations in force as of August 2022.
This version includes amends from the publication of the Central Bank (Individual Accountability Framework) Bill in July 2022, and the establishment of the Corporate Enforcement Authority (CEA) as a standalone agency, to replace the Office of the Director of Corporate Enforcement in July 2022.
A digital version of this Handbook is exclusively available to IoD Ireland members at the below link.
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Company Law Review Group (CLRG) | Survey - Directors’ Compliance Statement (DCS)
The Company Law Review Group (CLRG) is conducting a survey on the effectiveness and usability of the Directors’ Compliance Statement as provided for under section 225, Companies Act 2014. The survey should take no more than a few minutes to complete. Item 2 of the CLRG’s current work programme obliges the CLRG to review the Directors’ Compliance Statement (DCS) in its current form and, if appropriate, make recommendations as to how it might be enhanced in the interest of good corporate governance. Through this survey, the CLRG is seeking the views of Directors and relevant Practitioners of affected companies to: 1) assess the effectiveness and usability of the DCS; and 2) to identify possible improvements to the DCS. This review will assist the CLRG with any recommendations for amendments to section 225 to the Minister.
Corporate Sustainability Reporting Directive - Public Consultation
The Department of Enterprise, Trade & Employment has launched a Public Consultation which is seeking the views of stakeholders and interested parties on the Member State Options contained within the Corporate Sustainability Reporting Directive (EU) 2022/2464, ahead of its transposition into Irish law.
Views from stakeholders and interested parties are requested no later than 5pm on Thursday, the 9th March 2023. Submissions should be marked Corporate Sustainability Reporting Directive and should be emailed to CSRD@enterprise.gov.ie. Further queries can also be made to that email address.
Insolvency Law - Public Consultation
On 7 December 2022, the European Commission published its draft Proposal for a Directive of the European Parliament and of the Council on harmonising certain aspects of national insolvency laws. The proposal would affect Irish company insolvency law, personal insolvency law and bankruptcy law as currently drafted. The Government is providing an opportunity for stakeholders to provide their views on the proposal for a directive. The deadline for submissions is close of business on Friday, 24th February 2023.
Empowering Consumers for the Green Transition - Public Consultation
The Government is seeking views from stakeholders and interested parties on a proposed EU Directive which aims to enhance consumer rights by amending Directives 2005/29/EC (Unfair Commercial Practices) and 2011/83/EU (Consumer Rights). The proposal aims to contribute to a circular, clean and green EU economy by enabling consumers to take informed purchasing decisions and therefore contribute to more sustainable consumption. Views from interested parties on the draft directive are requested no later than close of business on Friday, 17th February 2023.
National Risk Assessment 2023 – Public Consultation
The National Risk Assessment aims to provide a systematic overview of strategic risks facing the country to serve as the basis for political and public discussion and deliberation about their implications. Stakeholders are asked to assess whether the draft risks identified accurately represent the major risks facing the country, whether there are any significant risks that should be added, or whether any of the proposed risks do not warrant inclusion. Proposed risk categories include: geopolitical risks, economic risks, societal risks, environmental risks, and technological risks. Consultation inputs can be submitted to nra@taoiseach.gov.ie. The public consultation will be open until Friday the 17th of February 2023.
Temporary Business Energy Support Scheme
The Minister for Finance, Michael McGrath TD, has published the first three-month assessment of the Temporary Business Energy Support Scheme (TBESS). The TBESS was introduced to support qualifying businesses with increases in their electricity and natural gas (energy) costs over the winter months.
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The IoD Ireland Board Evaluation Service allows your organisation to learn how effectively your board is executing its roles and responsibilities. The service is efficient, robust, and completely confidential. | |
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IoD Ireland's Boardroom Centre is the leading independent source of non-executive directors and chairpersons in Ireland, and supports IoD members on their non-executive journey.
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IoD Ireland's Bespoke Board Training in corporate governance delivers, in a confidential setting, effective solutions for the development needs of your board.
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Blogs
If you are interested in contributing to our blog or for further information, please contact Paul O'Mahony at pomahony@iodireland.ie or call +353 1 411 0010.
General Queries
Should you have any queries relating to anything in this newsletter please get in touch, and we'd be happy to help T: 353 1 411 0010. E: comms@iodireland.ie. You can also follow us on our social network channels, Twitter and LinkedIn.
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