Ireland Unveils Regulatory Overhaul in Corporate Governance

According to the Independent, Irish financial regulators have unveiled a revamped Corporate Governance Code, and have pledged to act aggressively against companies that balk at the new rules. The Code makes the distinction between major institutions and smaller organizations. The largest companies are now required to hold 11 board meetings per year, while smaller organizations must hold quarterly meetings. Moreover, directors of major companies may only sit on three boards, while directors of smaller organizations can serve on five boards. The code must be implemented by January 1, 2011, but institutions can file for an extension to June 30.