Mr. John Treacy:

I had not seen the board or governance element raised by the Deputy. I agree that there must be expertise and rotation in a board. There are some critical pieces needed on every board, whether it is legal, accounting, human resources or whatever. The spirit of the community and voluntary code is about board rotation. People serve the time and move on after a period so someone else can come in and take that place. That is the proper way for a board to function. It paves the way for new members to come in with bright and new ideas to keep the place regenerated with ideas, etc. It is good corporate governance. People can stay on boards for far too long and the Deputy used the word "loyalty". There is a clear role for the board, which is to challenge the executive and the management, making them accountable for the actions to be taken. The boards approves and the management executes, which is the way it should be in every organisation. If there are people on a board for too long, it can lead to a fudging of that process with respect to the balance of power. Every board needs to challenge and set a high standard. That is good corporate governance.