This is very interesting. From the looks of it the Irish government is planning to put key provisions of its Combined Code on Corporate Governance into legislation. This will cover the following issues:
· Board composition and independence
· Segregation of CEO and Chair
· Clear definition of executive and non-executive responsibilities.
· Audit committee composition, independence, role and function
· Responsibilities and composition of board committees
· Segregation of committee chairs
· Risk management
· Selection of non-executive directors
· Sanctions for non-compliance
That's a pretty full list - though nothing there about remuneration - and on the face of it this is a shift away from a purely market-driven approach to corp gov. Effectively the state will be defining best practice in terms of board structure etc.