The chief executive of the Irish Stock Exchange, Deirdre Somers has said that Ireland must learn the lessons of recent corporate governance failures. She was speaking as the ISE hosts a conference on corporate governance in Dublin.
But Ms Somers told RTE radio the exchange could not have done anything better in regard to Anglo Irish Bank because of its limited regulatory role.
Ms Somers said Irish listed companies must meet changing market expectations if they are to attract international investment.
'Companies must consider whether their historical practices, although accepted in the past, will meet market expectations in the future, she said.
ISE chairman Padraic O'Connor said that while most Irish listed companies complied closely with the Combined Code for public companies, some companies had 'deviated' from the code's principles. He referred in particular to companies where the chairman was also chief executive or a former chief executive.
Ms Somers told RTE radio this was the main corporate governance issue at Anglo Irish Bank, though she also said the ISE had a 'limited' regulatory role in regard to Anglo.
Mr O'Connor also said Ireland's reputation was not the sole responsibility of the companies listed on the ISE. 'The hundreds of thousands of privately owned companies and the numerous semi-State companies are equally responsible for ensuring our national reputation for probity and good corporate governance,' he said.
