Oireachtas Joint and Select Committees

Wednesday, 2 September 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Michael Walsh:

Well, I think, Chairman, I'd like to answer that really at two levels. You know, first of all, you know, for companies of its size, I think if you actually look at the Higgs report, you know, which was one of the, kind of, famous reports on these things, a board size of five with, kind of, a majority of three non-executives and two executives was actually deemed appropriate. I mean, I think there has been a lot of debate over time as to what the appropriate board size is and what the appropriate mix is between executive and non-executive, and that's changed.

I think to come to, maybe, the other element of your issues though, by definition, you know, one would have always liked to have, you know, one or two additional board members. And, you know, I think it was probably early 2004, you know, I tried to convince the other board members that, shall we say, we should co-opt a particular individual to the board who should probably remain nameless. But that would enable us to both appoint him and to have, kind of, a larger board. But I couldn't get full agreement to that.

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