Code of Practice for the Governance of State Bodies (2016)
The Minister for the Department of Expenditure and Reform, Paschal Donoghue, published a new Code of Practice for the Governance of State Bodies which came into effect on 1 September 2016 which applies to Commercial, Non-Commercial, and Regulatory bodies.
It is a requirement that State bodies and their subsidiaries confirm to their relevant Minister that they comply with this Code of Practice for the Governance of State Bodies in their governance practices and procedures. The requirements apply to all trading subsidiaries and, as appropriate, in joint ventures of the State bodies.
While the Governance structures of the previous 2009 Code of Practice remain unchanged, the new code offers more in-depth detail and clarity; with a greater emphasis on accountability and transparency. The code acts as a framework to ensure that State bodies operate to the highest standards of corporate governance and in the most efficient manner possible and is effective in achieving its objectives.
The following are key areas in which changes to the Code will promote good corporate governance in state bodies:
- Values – Integrity and strong ethical values form the basis of good governance
- Purpose – The Body should have clearly defined roles and responsibilities
- Performance – Operate with the most efficient and effective use of resources to achieve its’ objectives
- Developing Capacity – Ensuring that each body is resourced with the knowledge and skill levels required to deliver on performance
The 2016 Code of Practice provides a greater level of detail on what the Duties and obligations of directors are than the previous code and also supplies support documentation for the following areas;
- Business and Financial Reporting Requirements
- Audit and Tish Committee Guidance
- Remuneration and Superannuation
- Board Self-Assessment Evaluation Questionnaire
You can find more information about the code at the official government website here.
So, what can we do for you?
iDDea has developed a bespoke Gap Analysis audit to benchmark your current status on process and Code of Practice compliance. Throughout this assessment, iDDea identifies Gaps in the current process when measured against the revised 2016 Code of Practice, and will provide you with an assessment report while also highlighting and recommending areas of improvement supported by the 2016 framework.
To learn more about how iDDea can support you, please get in touch by clicking the button below, or alternatively, you can call our office on +353 (0)23 8868100 and we will connect you with the auditor for your area.
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