IPM Irish Life&P.Gp

 

TIDMIPM 
 
RNS Number : 3260S 
Irish Life & Permanent PLC 
15 May 2009 
 
?Statement by Irish Life & Permanent plc 
Oliver Wyman Report into Group's Corporate Governance Framework 
 
 
 Friday 15th May 2009 (11.30a.m.)Following the controversy over transactions 
between Anglo Irish Bank plc Irish and Life & Permanent plc in February last, 
the Board of Irish Life & Permanent commissioned international risk 
management and strategy consultants Oliver Wyman to review the Group's Corporate 
Governance framework and to advise on any changes necessary to ensure the Group 
was operating in line with emerging international best practice.  This is one of 
three reviews begun after the Board became aware of the transactions. 
 
 
The company has accepted the recommendations made by Oliver Wyman in this regard 
and confirms the following measures are being taken in line with that report: 
 
 
  *  The Group has separated the reporting lines of Internal Audit and Risk 
  Management from Finance. 
 
  *  The Group will upgrade the risk management function of the Group and has 
  commenced the recruitment of a new Head of Group Risk who will sit on the 
  executive management team to input a risk perspective into all key decisions by 
  the Group. 
 
  *  The Group will review and strengthen the risk and control culture throughout the 
  organisation. 
 
  *  The Group has taken steps to improve management communication and reporting to 
  the Board and improve Board oversight of risk and control issues. 
 
Speaking today, the Chairman, Gillian Bowler said; "The Anglo Transactions 
represented a serious breach of the high standards to which this company and our 
staff aspire. The fact that they could have occurred without any reference to 
the Board was the biggest shock and disappointment and we've taken steps that 
will prevent a recurrence. We are committed to managing this business by the 
highest ethical standards and will take whatever steps are necessary to achieve 
that." 
 
 
Under relevant headings, the recommendations from Oliver Wyman were as follows: 
 
 
Ensure the Board's visibility of risk and control issues, at all times 
-      Improve management communication and reporting to the Board 
-      Enhance Board oversight of risk and control issues 
 
Reorganise executive level management 
-     Increase the influence of senior risk and control staff 
 
Strengthen the risk and controls culture 
-     At all levels of the organisation 
 
Upgrade the Risk Management function 
-     Extend and clarify the function's responsibilities 
-     Redesign the organisational structure and reporting lines, increasing the 
function's influence within the   organisation and ensuring independence from 
the business 
-     Invest in human capital and infrastructure 
 
Integrate risk and control considerations firmly into key business processes 
-     Such as strategy setting, planning and budgeting, performance management 
and compensation setting 
 
 
Ciarán Long 
Group Secretary 
 
 
Further Information: 
Ray Gordon 
Gordon MRM 
Ph: 087 2417373 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 STRZGGMKRKLGLZG 
 

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