Ireland needs new corporate culture to restore battered reputation
January 29th, 2010
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Ireland needs new corporate culture
Addressing the Irish Stock Exchange Conference in Dublin, Fine Gael Enterprise Spokesman Leo Varadkar TD called for a new corporate culture to restore Ireland’s battered reputation overseas. Deputy Varadkar addressed the conference on the issue of corporate governance as an invited panellist.
“The reputational damage that has been done to Ireland by the activities of our banks, Government and State agencies has done real damage to Ireland’s reputation overseas. This damage comes at a cost. It is harder and more expensive for the Government to borrow money from the international capital markets. It is more difficult for Irish companies to secure credit from the banks, capital from investors and export credit insurance. And it is harder for Irish companies to sell their goods and services overseas.
“This reputational damage, however, does not have to be lasting damage. We are not alone. Other countries have endured reputational damage too. But it is up to us to put our house in order, to do it quickly and to show the world that Ireland is second to none when it comes to corporate governance, ethics and open Government.
“Yes, we need new laws. We need to restrict the practice whereby CEOs can graduate from management to become Chairman of the Board as occurred at FÁS and Anglo Irish Bank.
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