IoD Members' Update
January 2021
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As we welcome 2021 and a new decade amidst Level 5 public health restrictions, it is to be hoped that we can look to the future with the early stages of a phased vaccine roll-out also taking effect.
This year, as with the previous one, IoD Ireland will continue to provide you with a dynamic range of online services and member benefits over the coming months.
In that context, we are delighted to announce that Accenture will be our new sponsor for the IoD Briefings Series in 2021 and that IQ-EQ will continue to be our sponsor for the Lunch Bites @ the IoD series.
We would also like to start the year with a thank you to you, our members, for your ongoing support.
A Happy New Year to you all.
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Accenture and IQ-EQ: Supporting IoD Events/Webinars in 2021 |
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We are delighted to announce that IQ-EQ will continue to be our sponsor for the Lunch Bites @ the IoD series for 2021. IQ-EQ is a leading investor services group that combines global expertise with an unwavering focus on client service delivery. Speakers for the series will be announced throughout 2021.
We are also delighted to announce that Accenture will be our new sponsor for the IoD Briefings Series in 2021. Accenture is a global professional services company with leading capabilities in digital, cloud and security. Stay tuned for the announcement of our first briefing of 2021.
We are looking forward to working with both our sponsors. Their support will allow us to continue to bring a wealth of leading experts and thought leaders to our members throughout our events schedule in 2021.
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Extension of 'Interim Period' of Companies Act 2020 |
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The Institute of Directors (IoD) in Ireland has welcomed the announcement from the Department of Enterprise, Trade and Employment that the interim period of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020 has been extended to 9th June 2021, following Government approval.
In April 2020, and again last June, IoD Ireland had called on the Government to change Company Law to allow virtual AGMs during “the current period of uncertainty during the COVID-19 crisis”.
On 30th July 2020, IoD Ireland welcomed the passage of the Companies (Miscellaneous Provisions) (Covid-19) Act 2020, addressing the many issues facing companies trying to comply with, in particular, the Company Law requirement to hold AGMs during the current crisis, as detailed in Section 6 of the Bill.
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Effecting Transactions: The Importance of Being Authorised
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McCann FitzGerald Factsheet
January 2021
The COVID-19 pandemic has severely interrupted corporate governance processes for companies as physical meetings may not be possible and key individuals may be unavailable. This factsheet looks at the importance of adequate and proper delegation of powers to act and, in particular, delegation of signing authorities.
Our sincere thanks to McCann FitzGerald for their ongoing assistance in producing the IoD Factsheets.
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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IoD Webcast:
Governance Challenges for Boards - Looking Back to Look Forward
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In this IoD webinar, recorded on 17th December 2020, Dr Margaret Cullen, Founder and Principal, Think Governance Ltd, and IoD Board Assessor, discussed the governance challenges of operating in a virtual world and what positives boards can take from this, as we move forward.
Dr Cullen also explored a range of behavioural, operational, processual and strategic governance related issues.
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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Daire Coffey, Chartered Director, challenges and supports senior leaders and ambitious businesses to accelerate performance and maximise business & personal growth. An accredited coach, non-executive director, and senior advisor, Daire is also co-author of ‘Emotional Intelligence (EQ) - A Leadership Imperative!’ (available in English and Chinese). Her expertise embraces strategy, marketing and talent development. Non-executive roles include law firm ReganWall, an international educational charity and others. Daire started her career with Enterprise Ireland in Dublin and Brussels before a ten-year career at United Drug plc holding various marketing, general management/director roles.
Why did you decide to join the IoD?
I joined the IoD to update my skills and knowledge so that I could add more value as a Non-Executive Director. Completing the Chartered Director Programme was a challenging and most enjoyable learning experience, which I would highly recommend.
What do you particularly value from your IoD membership?
I really value the opportunity to network and stay updated on key business issues. The IoD events are always inspiring, insightful and enjoyable. While the webinars during COVID have been excellent, I am looking forward to getting back to the ‘in person’ experience in 2021!
How has your business evolved and adapted because of the COVID-19 crisis? Do you believe COVID-19 will impact your future business model?
Like many others, I moved my business to a virtual platform. Initially, I found it very challenging as I love the ‘in person’ experience but it’s funny how quickly the silver linings appear. As well as brushing up on my digital skills, I’ve cultivated new offerings and have partnered with new clients further afield.
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The IoD Blog:
Insolvency and Directors’ Duties
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In this blog on 'Insolvency and Directors’ Duties', Ruairi Mulrean, Jill Callanan, and Elaine Hughes of LK Shields Solicitors LLP share their expert insights.
'The uncertainty caused by the COVID-19 pandemic is unprecedented. Business owners and company directors will face many challenges, including issues relating to the solvency of their businesses during and in the aftermath of this crisis. Directors of distressed businesses at risk of insolvency should pay heed to several important legal considerations.
Previous blogs are also available on our website. If you are interested in contributing to our blog or for further information, please contact Paul O'Mahony at [email protected] or call 01 411 0010.
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Deliver Results for Your Board
IoD Ireland Board Evaluation Service
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Avail of the IoD Ireland Board Evaluation Service to learn how effectively your board is executing its roles and responsibilities.
Through the lens of best practice governance standards and your organisation’s business context, IoD Ireland's experienced Board Assessors examine how effectively your board and board committees are operating.
The service is efficient , robust , and completely confidential. It has an average completion term of just six weeks. Furthermore, the entire process can be undertaken virtually.
Our team of Board Assessors include Chartered Directors and/or governance specialists - Dr Margaret Cullen, Carol Bolger CDir, Marie Collins CDir and Clare Duignan. Our Assessors have worked across sectors as diverse as telecoms, financial services, hospitality, property, healthcare, communications, construction, energy, and education.
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Newly Qualified Chartered Directors |
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As part of this qualification, Chartered Directors may also use the designation CDir after their name.
The Chartered Director Programme is a unique qualification for directors and strategic business leaders combining learning and professional experience. This sought-after programme has been running in Ireland since September 2008 and is delivered exclusively by IoD Ireland.
IoD Ireland offers its congratulations to all of our newly qualified CDirs.
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On the Bright Side…
Positive News in Business
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While there may be many negative business stories in the news recently, there are also plenty of positive ones. Here are just a few stories we have selected:
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IoD Webcast:
Crisis Management: Lessons from the Past – Experience Matters
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In this Lunch Bites @ the IoD webinar, recorded on 2nd December 2020, John Moran, Founder and CEO, RHH International, discussed how all crises are different but how there are commonalities in how we deal with them.
He also looked at how the Global Financial Crisis in 2008 taught us a lot, but how COVID introduces a new dynamic to crisis management.
This webinar is part of our Lunch Bites @ the IoD series, and is kindly sponsored by IQ-EQ.
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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Policy and Announcements Hub |
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Central Bank publishes “Dear CEO” letter to Schedule 2 firms
The Central Bank has published the outcome of supervisory engagements undertaken in respect of Schedule 2 Firms to assess compliance with their obligations under Criminal Justice (Money Laundering and Terrorist Financing) Act 2010. The “Dear CEO” letter outlines the Central Bank’s expectations of firms in relation to Anti-Money Laundering/Counter Financing of Terrorism (AML/CFT) and Financial Sanctions (FS) requirements and details follow-up actions to be taken by CEOs and Boards in response to the findings outlined.
Companies Registration Office: New System Update
Since 16 December, the Companies Registration Office (CRO) commenced bringing changes to the B1 Annual Return. The CRO has also transferred over 700GB of data and over 18 million images from its previous system to the new system which went live on 16 December.
Employment Wage Subsidy Scheme (EWSS): Qualifying criteria
There have been some adjustments to the qualifying criteria for employers under the EWSS Scheme, including a six-month sales projection and showing a 30% reduction in turnover will occur for the period January 1 to June 30.
Future of Media Commission
The Future of Media Commission was set up by the Government in September 2020 to examine the future of the media in Ireland. This includes Ireland’s public service broadcasters, commercial broadcasters, print and online media platforms. As part of its work, the Commission has now launched a public consultation process. Closing date for submissions is Friday 8th January 2021.
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IoD and Members in the News |
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Leinster Express: EU and UK post-Brexit Trade Agreement (print only)
Business & Finance: CEO 100 Index (incl. Maura Quinn, IoD Ireland)
RTE Radio 1: 'The Business' Programme Discussion on Work, with Jean Callanan (broadcast link expired)
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IoD Member Benefit:
Tailored Insurance Scheme with Glennon Insurance
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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.
In addition, Glennon Insurance has negotiated exclusive car and home insurance schemes for our members and their spouses or partners.
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COVID-19: Information and Resources |
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Government announces COVID-19 Vaccine Allocation Strategy
The COVID-19 Vaccine Allocation Strategy sets out a provisional priority list of groups for vaccination. European Commission has now authorised the use of the Pfizer/BioNTech COVID-19 vaccine. The Strategy was developed by the National Immunisation Advisory Committee (NIAC) and Department of Health, endorsed by the National Public Health Emergency Team (NPHET), and approved by Government on 8 December 2020. Read the quick guide to the provisional vaccine allocation groups.
Government Supports for COVID-19 Impacted Businesses
There is a wide range of supports available to help businesses impacted by the COVID-19 crisis. Visit the Department of Business, Enterprise and Innovation website for more information.
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Get the Most Out of Your Membership
with the New IoD Ireland Website
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Have you reset your password and accessed the new IoD Ireland website? If so, you will have already gained access to our exclusive member only content, such as webcasts, Director Factsheets, blogs and much more.
If you have not yet created your new login details, please follow the below steps to get the most out of your IoD Ireland membership:
Step one: browse to this IoD Ireland website page and on the left hand side of the screen in the 'Returning Members' section please press the 'Password Reset' button. Please then enter your email address to reset your password.
Step two: you will receive a ‘Password Set Request’ email. Please click on the link in this email to create your password and login to access the exclusive members’ area of the IoD Ireland website.
If you have any queries or issues regarding the above, please contact the IoD Comms team.
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Company Secretariat: New Section on the IoD Ireland Website |
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The new Company Secretariat section on the IoD Ireland website is designed to help your journey as a director.
This area includes specific content, (factsheets, webcasts, and videos), relating to being a member of a board, addressing topics such as: board duties and responsibilities; AGMs; board committees; board meetings and administration; taxation; and the Companies Act 2014 and all relevant amends/updates. It also includes a Director FAQ section, and other useful publications and documents that are essential for all directors.
Please note: To view this members’ only content, you must be logged into the members' area of our website.
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Follow our company page on LinkedIn for the latest updates. |
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Follow our latest updates at @IoDIreland and #IoDevents.
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