Regulator to target directors

THE Financial Regulator has his sights set on reviewing the process by which directors are elected to company boards.

Mathew Elderfield said there have been “serious failures” of corporate governance at a number of Irish financial institutions in recent years. He said over-dominant CEOs have gone unchecked, resulting in “unacceptable costs to shareholders and the taxpayer”.

“Risk management standards and controls have eroded on the watch of less than vigilant boards. It is clear that regulatory standards in this area must therefore be reassessed,” he said.