Five directors have stepped down from the board of Bank of Ireland, a move that brings the group closer to meeting the terms of the government’s board and management renewal plan.
Michael Noonan told Irish banks last month to clear out the boards and management that had been in place through the crisis. The bank said it continues to be “engaged” in the ongoing programme of change required by the Department of Finance.
To highlight this, Bank of Ireland announced the resignation of three non-executive directors and two directors from its board.
It said the resignations were accepted “in the interests of facilitating further board renewal and a reduction in the size of the group board”.
Non-executive directors Paul Haran, Dennis Holt and Heather Ann McSharry are not offering themselves for re-election and will retire from the board at the conclusion of the AGC on June 15.
As three non-executive directors will be leaving the board, a rebalance is necessary, said the bank.
Directors Denis Donovan and Des Crowley are also not offering themselves for re-election to the board. However, both will continue to be core members of the group executive as head of capital markets and head of the Irish and UK retail operations.
Earlier this year, Bank of Ireland announced its worst financial results in its 270 year history. It reported whopping pre-tax losses of €3.459bn for 2010.