IoD Members' Update
April 2020
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‘Unprecedented times’ and ‘unchartered territory’ are two phrases that have been used frequently over the past month, and with good reason. It has been an extraordinary period. It is to everyone’s credit that the level of co-operation and co-ordination with the Government’s measures has been so effective and timely in response to the COVID-19 public health emergency.
IoD Ireland has written to the relevant Ministers, and their counterparts in the opposition, to request that they address, with some degree of urgency, the provisions in the Companies Act 2014 pertaining to the position of directors with regard to personal liability in the context of ‘reckless’ trading. In an exceptionally challenging environment, as pertains at the moment, directors who are acting in the best interests of the company are required to make critical decisions in a fast evolving situation and should not, in our view, face the possibility of being charged with reckless trading for decisions made in good faith. We will continue to update you with any developments in regard to this matter.
The impact of the crisis has been reflected in the
interim findings
of our latest Director Sentiment Monitor (DSM) quarterly survey of IoD members, for Q1 2020. The full DSM results will be published at the end of April. Thank you to all who responded to the survey.
As for the IoD, obviously and regretfully, we have had to cancel our live events for the time being but we are now launching a series of webinars for IoD members along with our dedicated ‘COVID-19 Resources and Guidance Hub’, plus a whole range of new, exclusive and insightful content for members, of which you can read more below.
The IoD team misses our live networking events - kindly sponsored by Mazars and IQ-EQ
-
and getting to meet and chat with our members face to face, but we will see this crisis through and hope to see you in person again very soon. Stay safe.
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COVID-19 : An Event Without Modern Precedent
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Exclusive Expert Analysis for IoD Ireland by Jim Power, Economist and Media Commentator
In a recent presentation for the IoD's Evening Briefings series at the Westbury Hotel, Dublin, kindly sponsored by Mazars,
Jim Power, Economist and Media Commentator,
offered an insightful and entertaining overview of the Irish economy for 2020.
Now, in light of the acceleration and extraordinary impact of COVID-19, Jim writes an
exclusive article
for IoD Ireland on how
'all has utterly changed over the past number of weeks'.
Please bear in mind that you need to be logged into the website to view this members' only content.
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IoD Webinar: 8th April 2020
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As part of our ongoing work to share exclusive content and insights with members,
IoD Ireland
is delighted to invite you to join our upcoming webinar entitled ‘
Enabling Remote Working: Best Practice and Guidelines
’. The webinar will be presented by Stephen Mackarel CDir, Managing Director, workair and Nick Aikman, Channel Sales Manager, 8x8.
The webinar will provide an overview of some best practice techniques from working from home, including insights on meeting etiquette, the importance
of communications, and cyber security, as well as an overview of the different types of technology that can be used.
Day
: 08 April
Time
: 09:30 - 10:00
Presented by
: Stephen Mackarel, Managing Director, workair
Nick Aikman, Channel Sales Manager, 8x8
IoD Webinar Access
: Free of charge. IoD members only
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McCann FitzGerald Factsheet
April 2020
Company directors and secretaries are well advised to modify their usual planning for their company’s annual general meeting (“AGM”) in light of the threat posed by the evolving COVID-19 situation
.
Our sincere thanks to
McCann FitzGerald
for their ongoing assistance in producing the IoD Factsheets.
Remember, you need to be logged into the website to view the IoD Factsheets.
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IoD Ireland launches ‘COVID-19 Resources and Guidance’ online hub
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A new
‘COVID-19 Resources and Guidance’
hub has been created for the exclusive use of its members by the Institute of Directors in Ireland. The hub will provide timely expertise, resource documents and newly commissioned content that has been made exclusively available to members.
It can be accessed directly through the
Members’ Area
of the website and new content will be promoted weekly with members through our ezines.
The hub already contains helpful resource documents from Mazars, McCann FitzGerald, Simon Kutcher & Partners, and more. Additional resources will be added regularly.
Please bear in mind that you need to be logged into the website to view this members' only content.
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The Institute of Directors (IoD) in Ireland is delighted to publish its list of
recently qualified Chartered Directors.
As part of this qualification, newly qualified Directors may also use the designation CDir after their name.
The Chartered Director Programme has two commencement points in each calendar year, January and September. This latest list published by IoD Ireland is mainly comprised of directors who successfully completed cohorts up to number 52. Congratulations to all involved.
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'Let’s use this difficult time to show our resilience, dial up our leadership capabilities and protect the hope of those around us.'
So writes
Valerie O’Keeffe
, CEO of ClarityVP Consulting, in this timely blog. A member of the Institute of Directors and with a former career in finance, Valerie uses her leadership experience and background in behavioural psychology to work with clients across a broad range of sectors
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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Welcome to Some of Our New Members
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- Padraig Somers, General Manager, Helsinn Birex Pharmaceuticals Ltd
- Sarah Blake, Director, Earthology - Sustainability solutions
- Feargal Purcell, Senior Director and Head of Public Affairs, Edelman
- Mark Connolly, Commercial Director, ECI Energy Ltd
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Policy and Announcements Hub
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FRC COVID-19 Infographic: Reporting during times of uncertainty
The Financial Reporting Council (FRC) in the UK has issued an infographic on reporting during times of uncertainty that is aimed at investors but may also be helpful to directors generally. Access and download the pdf of this clear and helpfu
l
infographic
.
Update to filing of Annual Returns
The Registrar of Companies has decided that all annual returns due to be filed by any company now and up to 30th June 2020 will be deemed to have been filed on time if all elements of the annual return are completed and filed by that date. Read the
CRO update
.
Parliamentary Budget Office
The Parliamentary Budget Office of the Irish Government has released a number of
publications and resources
of relevance to the current crisis.
Fiscal Monitor for March published
The Government has published its
Fiscal Monitor for March 2020
.
It
states: ‘An Exchequer deficit of €2,535 million was recorded to end-March 2020. This compares to a deficit of €966 million in the same period last year. At this stage, the €1,569 million year-on-year deterioration is driven by increases in current and capital voted expenditure.’ Access and download the report at the link above.
Leman Solicitors: Free client/business support initiative
Many businesses have come under pressure due to COVID-19’s impact and are unsure of where they stand on certain issues and would like to be able to access expert, free advice on these concerns. IoD members may be interested to hear that each Leman lawyer, working remotely, has been mandated to give a 'Helping Hour' for free each day to take calls or emails from businesses needing a legal steer – whether it is a contract issue, an employee concern, a lease query – or 'anything at all'. Dominic Conlon, Head of Corporate at Leman’s, is contactable at 01-232 1075 or by email at
[email protected],
if you would like to schedule a virtual consultation.
Business in the Community Ireland
Business in the Community Ireland has launched the campaign #BusinessResponseIRL to highlight on Twitter and LinkedIn and on
its website
examples of businesses responding to this shared common challenge in such incredible way.
Dealing with Friction: EU-UK Trade and the Irish Economy after Brexit
Data Protection Commission publishes 2019 Annual Report
Dublin Tech Summit, 9th & 10th September 2020, RDS Dublin
Dublin Tech Summit
(DTS) has now been rescheduled for 9th and 10th September 2020 in the RDS, Dublin. The event is a two-day international conference at the heart of the European tech scene. With 10,000 attendees from over 50 countries, 70+ partners, 150+ startups and 200 inspiring speakers, DTS offers an incredible opportunity for C-Suite and IT professionals to learn how to future-proof their business, engage with the Irish and international tech eco-system and network with their peers. It is offering special corporate ticket packages for IoD members, please contact
[email protected]
or phone 083 438 4701.
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Mark Connolly
is Director with
ECI Energy Ltd
and has been with ECI Lighting Group for two years. ECI are the oldest lighting company in Ireland (Est.1960) and have three business units: Specification (designing with architects, consulting engineers and M&E contractors to deliver large scale projects like RCSI, Oracle, Trinity Business School, etc.); Wholesale (distribution of LED products to over 250 wholesale customers); and ECI Energy Ltd. (Lighting as a service, EV charging, energy monitoring software, etc), which is the business Mark leads.
What, in your view, is the biggest challenge facing directors in Ireland today?
We are in the middle of the Covid-19 public health emergency, and this year I think that disruption will be the biggest issue facing all businesses. The Brexit issue has gone away overnight and now we are trying to ensure the health and safety of our staff with an invisible threat while trying our best to ensure our business is ready to ramp up again when this is all over. It’s an enormous issue and came like a bolt of lightning on a sunny day.
What do you hope to gain from your membership with the IoD?
I’d like to meet like-minded people who have an interest in business and also get the opportunity to network with them and maybe win a project or two!
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Video: Building a Powerhouse Board
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IoD Ireland CEO, Maura Quinn, recently featured in
‘
Building a Powerhouse Board
’, the title of an episode in the
Joe.ie
business video podcast series, ‘All In’, published by Maximum Media. The programme also features Ann Hunt, co-founder and CEO of Chasing Returns, the risk management platform.
Presenter Yvonne Redmond talks with Maura and Ann about board recruitment and appointment processes, board members’ remuneration, the benefits of board diversity and the scope of its application, the importance of accountability and compliance, and the crucial relationship between the board and the executive. Watch the video podcast here: ‘
Building a Powerhouse Board
’.
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IoD and Members in the News
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Radio Kerry:
Decline in business confidence Ireland (broadcast replay link now expired)
N
ewstalk:
Interview- Anne O'Leary, CEO of Vodafone (broadcast replay link now expired)
Clare Champion:
New Member for Shannon Group – Mike Quinn (print edition, not online)
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IoD Member Benefits
Glennon Insurance - D&O, Car, Home
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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.
For more information on the above offers, please visit the IoD
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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