The SBCI was incorporated pursuant to the Strategic Banking Corporation of Ireland Act 2014 (the ‘SBCI Act’) in September 2014 and in July 2016 converted to a Designated Activity Company under the Companies Act 2014. The issued share capital of the SBCI is owned solely by the Minister for Finance.
The SBCI’s Constitution provides that there shall be a minimum of two and a maximum of nine Directors, one of whom will be the Chief Executive Officer as an ex-officio member of the Board. The first Directors were appointed by the Minister on the formation and registration of the SBCI. The Board may appoint subsequent Directors on the nomination of the Minister and shall implement the terms of the Minster’s nomination. The Chairperson is appointed by the Minister. a View short biographies and appointment terms of the Board appointees here.
The Board has established three committees:
A Code of Conduct is in place for Directors and was updated in 2016. SBCI staff are employees of the NTMA and assigned to the SBCI. These staff members are subject to the NTMA’s Code of Practice on Confidentiality and Professional Conduct. Directors and members of staff are expected to ensure that all their activities are governed by the ethical standards reflected in the relevant code.