THE BODY that represents institutional investors is examining whether any issues are raised by the fact that three former non-executive directors of Anglo Irish Bank hold top-ranking jobs in four other Irish-listed companies.
The Irish Association of Investment Managers (IAIM) is examining whether the continuation of the former Anglo non-executive directors elsewhere as chief executive or chairman should be questioned in light of the controversies surrounding Anglo.
The internal affairs of the bank, which was nationalised last month, are the subject of several regulatory inquiries and one criminal investigation.
The IAIM, which oversees corporate governance in listed companies for fund managers, is mindful that formal inquires in relation to the conduct of Anglo and its personnel are not complete and that no individuals have been found guilty of any wrongdoing.
While the quality and level of information that was available to Anglo’s former non-executive directors is also unclear, the IAIM is nevertheless examining whether the affair has implications for them in other posts.
Former Anglo non-executive director Gary McGann resigned this week as chairman of the State-owned Dublin Airport Authority but indicated he planned to continue as chief executive of listed packaging firm Smurfit Kappa.
Another former Anglo non-executive director, Anne Heraty, remains chief executive of listed recruitment firm CPL Resources after resigning this week from the boards of State-owned Bord na Móna and Forfás and from the Irish Stock Exchange board.
Former Anglo non-executive director Ned Sullivan remains chairman of two listed companies – food business Greencore and homebuilder McInerney – and chairman of privately owned telecoms company Eircom.
“The implications of the evolving investigations at Anglo Irish Bank are at the top of the IAIM agenda, with a view to properly understanding the extent of the governance failures in the company,” said a spokesman for IAIM.
He added: “The IAIM has consistently emphasised the need for Ireland to be recognised as having the highest standards in corporate governance.”
