BOARDS AND COMMITTEES OF THE BOARD
INVESTING IN THE IRISH ECONOMY
Under section 19 of the Act, the Board comprises a Chairman and eight members. The Chairman and six members are appointed by the Minister while the Chief Executive Officer of NAMA and Chief Executive of the NTMA are ex-officio members of the Board. The Board's principal functions are provided for under section 18 of the Act:
- To ensure that NAMA's functions are performed effectively and efficiently.
- To set strategic objectives and targets for NAMA.
- To ensure that appropriate systems and procedures are in place to achieve the strategic objectives and targets.
- To take all reasonable steps available to it to achieve these targets and objectives.
The Board has a schedule of matters reserved for its approval and deals with credit matters within its delegated authority level.
Three members of the Board were appointed by the Minister on 22 December 2009: Frank Daly (Chairman) (5 years), Brian McEnery (4 years), and Willie Soffe (4 years). Brian McEnery and Willie Soffe were re-appointed for a further 5 years from 22 December 2013. Oliver Ellingham was appointed by the Minster on 10 April 2013. Mari Hurley was appointed by the Minster on 8 April 2014. The two ex-officio members of the Board are John Corrigan (Chief Executive of the NTMA) and Brendan McDonagh (Chief Executive Officer, NAMA).
During 2013, Steven Seelig, appointed by the Minister on 26 May 2010 for a three year term, and Éilish Finan appointed by the Minister on 22 December 2009, completed their terms of appointment on 25 May 2013 and 21 December 2013 respectively. John Mulcahy (former Head of Asset Management, NAMA) who was appointed to the Board by the Minister on 7 March 2012 resigned with effect from 17 January 2014. There are currently two vacancies on the Board.
The terms of office of Board members range between three and five years and no appointed member is eligible to serve more than two consecutive terms. The Minister determines the level of remuneration of appointed members and their entitlement to reimbursement for expenses. The ex-officio members8 do not receive any additional remuneration for their membership of the Board.
During 2013 the Board met on 25 occasions while the six Committees of the Board met on 81 occasions. The attendance details for Board and Committee meetings are outlined in Table 16.
The Board established four statutory committees under section 32 of the Act and a further two advisory committees under section 33 as follows:
- Audit Committee (chaired by Brian McEnery)
- Credit Committee (chaired by Willie Soffe)
- Risk Management Committee (chaired by Steven Seelig to May 2013 and by Oliver Ellingham subsequently)
- Finance and Operating Committee (chaired by Éilish Finan to 21 Dec 2013 and by Willie Soffe as interim Chairperson until Mari Hurley's appointment to the Board in April 2014)
- Planning Advisory Committee (chaired by Willie Soffe)
- Northern Ireland Advisory Committee (chaired by Frank Daly)
The Board has adopted the Code of Practice for the Governance of State Bodies (2009) ('the Code'), as adapted to NAMA's particular governance structure and the statutory requirements of the Act. Where necessary it has put in place arrangements to ensure compliance with the Code, and it reviews its policies and procedures on a periodic basis to ensure compliance with the Code as well as with best practice in corporate governance.
The Board is supported in its functions by the Secretary to the Board who also co-ordinates the operation of the various Board Committees; each of the Committees is supported by a NAMA Officer with relevant expertise who acts as Secretary to the Committee.
Board |
Audit |
Credit |
Finance & Operating |
Risk Management |
Planning Advisory |
Northern Ireland |
|
|---|---|---|---|---|---|---|---|
| Board members: | |||||||
| Frank Daly | 25 | 5 | |||||
| John Corrigan | 20 | 7 | 3**** | ||||
| Éilish Finan | 24 | 12 | 11 | 5 | |||
| John Mulcahy | 24 | 29 | 7 | 5 | |||
| Brendan McDonagh | 25 | 37 | 11 | 8 | 6 | ||
| Brian McEnery | 23 | 13 | 26 | 2 | |||
| Steven Seelig* | 12 | 5 | 4 | ||||
| William Soffe | 25 | 38 | 11 | 6 | 5 | ||
| Oliver Ellingham** | 15 | 6 | 3 | ||||
| External members: | |||||||
| Jim Kelly | 12 | ||||||
| Michael Wall | 6 | ||||||
| Alice Charles | 5 | ||||||
| Brian Rowntree | 5 | ||||||
| Frank Cushnahan*** | 3 |
*Steven Seelig completed his Term of Office 25 May 2013.
**Oliver Ellingham was appointed 10 April 2013.
***Frank Cushnahan resigned 7th November 2013.
****John Corrigan appointed to the Planning Advisory Committee after third meeting in 2013.