Code of practice

ESB Code of practice

In October 2001, the Irish government approved a new code of practice for the governance of state bodies, which replaced the 1992 state body guidelines.

It is an extensive document which sets out requirements relating to:

• Codes of conduct for directors and employees
• The internal audit function
• Procurement
• Disposal of assets and access to assets by third parties
• Establishment of subsidiaries and acquisitions by state bodies
• Diversification
• Investment appraisal
• Remuneration and directors' fees
• Reporting arrangements
• Strategic and corporate planning
• Tax compliance

The ESB Board formally adopted the code of practice at a board meeting on March 5, 2002.

Various actions to ensure full compliance with the new code are currently in train and specific board approval, as appropriate, will be sought to any process or organisational changes which may be required.