BOARD 2007

The Board operates to best practice corporate governance principles and in line with the guidelines set out in the 'Code of Practice for the Governance of State bodies' as issued by the Department of Finance, both in its own activities and in its use of committees.

It is responsible for setting the broad policies of the organisation and for overseeing its operations. It performs these functions directly and through the operation of focused Board Committees. Responsibility for the implementation of policy rests with executive management.

The Board has statutory authority to approve grant aid up to the levels set out in the Industrial Development Acts and to recommend on grant aid above these specified levels to Government.

In accordance with the Ethics in Public Office Act, 1995 and 2001, IDA Ireland Board members furnish a Statement of Interests to the Secretary and to the Standards in Public Office Commission.

In accordance with the 'Code of Practice for the Governance of State bodies' IDA fully complies with Government policy on the pay of Chief Executives and State body employees and with Government guidelines on the payment of fees to Board Members.

John Dunne

Chairman, IDA Ireland
Board Member, Irish Financial Services Regulatory Authority
Board Member, Central Bank and Financial Services Authority of Ireland

Loretta Brennan Glucksman

Chairman, American Ireland Fund

Bernard Collins

Chairman, VHI Healthcare
Director of a number of medical device companies
Former VP of International Operations and Director of International Board, Boston Scientific Corp.

Kieran Corrigan

Managing Partner, Kieran Corrigan & Co., Chartered Accountants
Managing Director, Merlin Films Int. Ltd.

Sean Dorgan

Chief Executive, IDA Ireland
Borad Member, Forf ù
Chairperson of the Governing Body of the Dublin Institute of Technology (DIT)

Suzanne King

Manager, FEXCO Global Contact Centre, Cahirciveen, Co. Kerry

Thomas Lynch

Chairman, Amarin Corporation plc
Director, ICON plc.

Paul Mackay

Chartered Accountant

Gerard O'Mahoney

Partner in Charge, Regions, Deloitte & Touche

Nial Ring

Director, Great Western Mining Corporation plc. Professor Terri Scott
CEO, Ryan Academy for Entrepreneurship, DCU

Professor Terri Scott

CEO, Ryan Academy for Entrepreneurship, DCU

Brian Whitney

Assistant Secretary, Department of Enterprise, Trade and Employment

Martin Burbridge

Secretary

Brìd Horan retired at the end of 2006, in line with the normal process of rotational retirement.

Suzanne King was appointed to the Board on 8 June 2006.

Bernard Collins was re-appointed to the Board and Professor Terri Scott was appointed to the Board on 22 January 2007.

Committees of the board

Audit and Finance Committee:

Assists and supports the Board in discharging its legal and accounting responsibilities; communicates with external auditors and evaluates and controls the internal audit function; reviews financial planning, the system of internal financial control, the corporate risk register and monitors budgeting and banking arrangements.

Members:

Kieran Corrigan (Chair)
Loretta Brennan Glucksman
John Dunne
Gerard O'Mahoney
Brian Whitney

Management Development and Remuneration Committee:

Responsible for reviewing the performance of the senior management team and planning for management development and succession. The Committee also reviews remuneration of senior management in the context of government guidelines.

Members:

John Dunne (Chair)
Loretta Brennan Glucksman
Bernard Collins
Sean Dorgan
Thomas Lynch
Paul Mackay

Investment Committee:

Reviews proposals for grant assistance and, under powers delegated by the Board, approves grants up to a maximum of €1.5 million.

Members:

Nial Ring (Chair)
Kieran Corrigan
Sean Dorgan
Suzanne King
Brian Whitney

Property Committee:

Reviews policy with regard to the financing, provision, maintenance and disposal of property, approves procedures with regard to tendering and awarding of contracts and approves expenditure/sales of up to €5 million.

Members:

Thomas Lynch (Chair)
Bernard Collins
Sean Dorgan
Paul Mackay
Professor Terri Scott