Shane Ross (Dublin South, Independent)
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Question 81: To ask the Minister for Finance the reason he voted for the re-election of five directors of the Bank of Ireland at the AGM despite their service having commenced before 2008, the cut-off point chosen by him; and if he will make a statement on the matter. [20587/11]

Michael Noonan (Limerick City, Fine Gael)
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I would point out to the Deputy that as part of the Programme for Government we committed to restructuring bank boards and to replacing all directors who presided over the failed lending practices in the period to September 2008. As the Deputy is aware, Bank of Ireland is engaged in an ongoing programme of change, including renewal at management and board level. In the interests of facilitating further board renewal and a reduction in the size of the Group board, three non-executive directors retired from the board at the conclusion of the AGC on 15 June last. Reflecting the smaller size of the board and the balance between executive and non–executive directors, it was appropriate to reduce the complement of executive directors. Consequently, two executive directors did not offer themselves for re–election to the Group board.

Following the recent AGC, four directors are still in situ who were appointed to the board before 2008 – two executive directors and two non-executive directors. The two non-executive directors remain in situ as a transitional matter given their key committee roles. I have asked the Chairman of the bank to prepare a management renewal plan which will provide for all senior management positions including the remaining executive directors. These, along with all other directors irrespective of date of appointment, who intend to be in office on 1 January 2012 will be subject, as announced by the Central Bank of Ireland, to assessment against the new fitness and probity standards for such appointments which the CBI envisages being implemented by 1 September 2011.