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ARTICLE · 16 SEPTEMBER 2013

Proposed Changes To The Corporate Governance Code For Credit Institutions And Insurance Undertakings

Dillon Eustace
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The Central Bank of Ireland is currently carrying out a review of its Corporate Governance Code for Credit Institutions and Insurance Undertakings, which sets out minimum statutory requirements on how credit institutions and insurance undertakings should organise the governance of their institutions.

IrelandFinance and Banking
Dillon Eustace
Dillon Eustace
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The Central Bank of Ireland (the "Central Bank") is currently carrying out a review of its Corporate Governance Code for Credit Institutions and Insurance Undertakings (the "Code"), which sets out minimum statutory requirements on how credit institutions and insurance undertakings (including reinsurers but excluding captives) should organise the governance of their institutions. The Code has been effective since 1 January 2011.

Consultation Paper CP 69, which was published on 1 August 2013, contains the proposed amendments to the Code as well as an invitation to comment on certain topics. The key amendments and topics for comments are outlined below.

Scope and Definitions

It has been proposed to introduce the Central Bank's PRISM (Probability Risk Impact SysteM) impact categories (High, Medium- High, Medium-Low and Low Impact institutions) into the Code, so as to bring it in line with the Central Bank's supervisory regime. This means that the current Code's

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