On 15 June 2009, the Department of Finance published an updated Code of Practice for the Governance of State Bodies (the Code). The Code, which was last revised in 2001, sets out the governance framework for the internal management, and the internal and external reporting relationships, of commercial and non-commercial State bodies. It reflects changes in legislation and administrative guidelines that have implications for the governance framework of State bodies and the fact that corporate governance best practice in the Irish public and private sectors and internationally has also moved on since 2001.

 

State bodies and their subsidiaries are required to confirm to the relevant Minister that they comply with the up-to-date requirements of the Code. The Code also allows certain requirements to be applied proportionately to smaller bodies. In addition, the Code also recognises that not every public body is constituted in the same manner and accordingly some public bodies will not have a board. In such cases, the relevant body should reach agreement with their parent Department on the extent to which the requirement might be adapted for them.

 

Some of the main changes introduced are as follows:

 

Link to the Code
http://www.finance.gov.ie/viewdoc.asp?fn=/documents/Guidelines/codepractstatebodies.pdf

 

Beauchamps can provide assistance to all State bodies who need help in understanding and complying with the new duties, responsibilities and obligations imposed by the new Code. We will also be running a seminar on the implications of the Code in the autumn.
 
To register your interest for this seminar please respond to this email or email m.kirby@beauchamps.ie. You can also call Maree Kirby on 01 418 0600.