In November 2010, the Central Bank of Ireland issued a mandatory Corporate Governance Code (“Code”) for Credit Institutions and Insurance Undertakings.  The requirements will bring significant changes to the boardroom of financial institutions. The lack of adequate and effective corporate governance legislation and regulation has been blamed as a significant factor in Ireland’s current difficulties. The main requirements include: (i) independence on the board; (ii) a limitation on the number of directorships that any one individual director can hold; (iii) mandatory attendance by board members at board meetings; (iv) board membership shall be reviewed every 3 years; (v) reporting of material deviations from the Code to the Central Bank within 5 business days; (vii) establishment of an audit committee and risk committee; and (viii) separation of the chairman and CEO.