Under Section 19 of the Act, the Board comprises a Chairman and up to eight members. The Chairman and six members are appointed by the Minister while the Chief Executive of NAMA and Chief Executive Officer 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 current members of the Board were appointed by the Minister on 22nd December 2009: Frank Daly (Chairman) (5 years), Brian McEnery (4 years), and Willie Soffe (4 years). These Board members were subsequently re-appointed for five year terms: Frank Daly was re-appointed as Chairman from 22nd December 2014 and Brian McEnery and Willie Soffe were re-appointed from 22nd December 2013. Oliver Ellingham and Mari Hurley were appointed by the Minster on 10th April 2013 and 8th April 2014 respectively. The two ex-officio members of the Board are Conor O’Kelly, Chief Executive Officer of NTMA (with effect from 5th January 2015, following John Corrigan’s retirement from the position) and Brendan McDonagh (Chief Executive, NAMA). 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 members do not receive any additional remuneration for their membership of the Board.

During 2014 the Board met on 23 occasions while the six committees of the Board met on 70 occasions. The attendance details for Board and committee meetings are outlined in Table 13.

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 Oliver Ellingham)


• Finance and Operating Committee (chaired by Mari Hurley)


• Planning Advisory Committee (chaired by Willie Soffe)


• Northern Ireland Advisory Committee (chaired by Frank Daly)

The Board, by agreement with the Minister and following the sale of the loans of Northern Ireland debtors (“Project Eagle”), resolved to dissolve the Northern Ireland Advisory Committee following its meeting on 8th September 2014.

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.

TABLE 13: Attendance at Board and Board Committee Meetings in 2014

* Mari Hurley was appointed 8th April 2014
** John Mulcahy resigned on 17th January 2014
*** John Corrigan stepped down from the Planning Advisory Committee in April 2014