ANGLO: ISE HAD 'LIMITED' ROLE - The Irish Stock Exchange is hosting a conference on corporate governance in Dublin today.
Asked about Anglo Irish Bank, ISE chief executive Deirdre Somers said that while corporate governance had a role in that case, regulation and market circumstances were also key issues.
She said the fundamental corporate governance issue at Anglo was the separation of the roles of chairman and chief executive, and whether or not it was appropriate to have a chairman who was a former chief executive.
Ms Somers told RTE radio this was the main corporate governance issue at Anglo Irish Bank. But, asked if the ISE could have done anything better in regard to Anglo, Ms Somers said that, because of its limited regulatory role, she would have to say 'no'.
Ms Somers would not comment on the findings of the High Court Inspector in the DCC/Fyffes case, but she said the case happened eight years ago and the market had 'moved on'. She said it was no longer relevant to what was happening in corporate Ireland.
The ISE's chairman has said some historic practices in Irish corporate life may no longer be good enough. Ms Somers said investors would become more aggressive, and companies would have to respond to this. She also said she hoped for a broader base of non-executive directors in listed companies.
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CURRENCIES - The euro is trading at $1.3938 and 86.43p sterling.
