the issues In brief
ISE adopts new corporate governance rules
As of the end of September 2010, the Irish Stock Exchange (ISE) has required Irish listed companies to ‘com- ply or explain’ against the provisions of the UK Corporate Governance Code. Irish listed companies have been
required to comply or explain against the Combined Code for some years, but in May of this year the UK’s Financial Reporting Council (FRC) replaced the Combined Code with the UK Corporate Governance Code. “Maintaining parity with the UK
Corporate Governance Code means that Irish listed companies remain subject to the most highly regarded international code on corporate governance,” saidMike Duignan, head of Market Supervision at the ISE.
CraigBarrett: 3pc ofGDP into R&Dnot a reasonable target
Former CEO and chairman of Intel Dr Craig Barrett addresses the audience at the ‘Education for Innovation’ event at NUI Galway
OECD calls for improvements in public sector productivity
More effective public services, with boosted productivity and maximum returns on investment, will help restore economic growth, according to a group of OECD ministers. Following a meeting in Venice in
November, the group of ministers from more than 20 countries said governments should encourage reform of the public sector to enable it to prepare more effec- tively for future challenges and respond quickly to changing needs and reduced budgets. “Strong political commitment and
leadership will be vital to reforming the public sector,” said Aart de Geus, OECD deputy secretary-general. “Ministers recognise the role they must play in deliveringmore effective public services.” The ministers called on the OECD to
collect data and provide regular updates on governments’ progress on improving public sector performance.
At a time when the IMF, ECB and European officials are still doing the rounds in Dublin, and the Government is preparing its hair- shirt budget, Craig Barrett, the former chief executive of Intel, has been warning that not only must the Government not cut investment in research and devel- opment (R&D), but it should in fact increase it. Speaking at the ‘Education for
Innovation’ seminar, held at NUI Galway in November, Barrett said a sustained plan of funding needs to be implemented if Ireland wishes to keep up with the world’s larger and more business savvy nations, and if our lunch is “not to be eaten by somebody else”. “We cannot jerk around with the
R&D policies of our Government and expect to get good results,” he stated. “It needs to be a sustained commitment.Why can’t we have a Silicon Valley in our own country? What is it about society that makes that work? Universities are the key and they are wonderful spots to create wonderful ideas. Smart people and smart ideas combined in the right environment can create wealth.” Barrett told the gathering that a 3pc investment of Ireland’s GDP
into R&D was no longer a reason- able target. “We have now to compete with
the rest of the world to get paid,” he said. “Look at Microsoft. They have a research budget of approx- imately US$8bn per year. That is huge, and is more than all of Ireland spends in R&D. Israel now invests 5pc of its GDP into research and development. And Israel has 140 new companies listed on the Nasdaq. Europe only has between 30 and 40. “That is the future for Ireland
and if we fail to pursue it with vigour, passion and resources there will be no future for us because our lunch will be eaten by somebody else.We must outsmart them and outthink them,” con- cluded Barrett. The former Intel chief was in
Ireland in his role as chairman of the Irish Technology Leadership Group (ITLG). Each year the ITLG leads a delegation of Silicon Valley technologists and venture capitalists to Ireland to support high-potential emerging technology companies from the island of Ireland. This year’s events were held in partnership with NUI Galway, University of Limerick and Shannon Development.
12 Irish Director Winter 2010
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