Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The governance requirements recommended by the commission set out the roles and responsibilities of two key positions within the credit union, those of chairman of the board and manager of the credit union. Under existing legislation, the treasurer is identified as the managing director of the credit union. His or her responsibilities include executive responsibilities such as submitting financial statements to the board. To ensure the roles and responsibilities of the board and management do not overlap and that board members have governance rather than executive responsibilities, the commission recommended that the 1997 Act be amended to remove the role of treasurer and assign executive responsibilities to the management of the credit union.