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Most directors think a who-you-know culture remains for getting on a company's board
As many as 19% believe this it is mainly the case in State-owned companies.
THE MAJORITY OF directors believe a culture of ‘who you know’ still exists in Ireland for appointments to company boards, a new survey.
The Institute of Directors in Ireland surveyed a number of its members on various aspects of governance.
While 70% believe this culture still exists, 19% believe it is the mainly the case in State-owned companies.
Minister Leo Varadkar said earlier this year that he doesn’t think it’s a negative thing for State board appointees to have political connections.
“It would be demonstrably wrong to appoint someone whose sole qualification is a party or personal connection,” he said, “But where the person is qualified and can make a good contribution, their political or personal connections should not bar them.”
The survey also revealed a split between men and women on the topic of gender equality on boards.
Over a quarter of men believed it had improved, with 48% reporting that it had marginally improved. This second figure was much higher among women as two-thirds believed it had only improved slightly.
Other findings include:
- 97% were positive about the outlook for the Irish economy next year.
- 69% plan to hire more employees next year
- 81% believe the standards of corporate governance in Ireland have improved
- 71% believe directors have learned from past governance mistakes
- 55% believe the financial services sector has particularly strong regulation
- 61% believe boardrooms lack diversity.
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