Two directors stand down as major changes announced at IL&P board

THE chairman of Irish Life & Permanent, Gillian Bowler, has announced a number of board resignation and other key changes within the board structure.

Both Eamonn Heffernan and Liam O’Reilly are stepping down from the board and will not seek re-election at the AGM on May 14.

Ms Bowler thanked both of the directors for their contribution to the group.

She said both “have been valued colleagues and have made enormous contributions to the board during their respective tenures”.

Mr O’Reilly was appointed to the board in September 2008.

He is the former chief executive of the Irish Financial Services Regulatory Authority and current chairman of the Chartered Accountants Regulatory Board and a director of Merrill Lynch International Bank.

He served on the review group on auditing in Ireland and was formerly a member of the UK Accounting Foundation.

Mr Heffernan was appointed to the board in March 2003.

He is a former partner of Mercer Human Resource Consulting and is a past president of the Society of Actuaries in Ireland.

He is also a former chairman of the Pensions Board and of the Irish Association of Pension Funds.

The group also announced the setting up of a new committee of its board to deal with risk and compliance issues.

The committee includes Pat Ryan (chairman), Breffni Byrne, Bernard Collins, Eamonn Heffernan, Roy Keenan and Liam O’Reilly.