Clonakilty Town Councillor has solution to bank boards problem

INDEPENDENT PUBLIC INTEREST BOARD REQUIRED TO ADD VALIDITY TO THE ROLE

A message from Clonakilty Town Cllr. Aidan Pendlebury (Labour)

Following the continued examination of ‘Public Interest’ figures on bank boards and their impotence in the position, here is what I am proposing:

§ An independent Public Interest Board of Financial Institutions (PIFI).

§ PIFI would be an independent body with no political alignment and its members would not have served on a board of any financial institution.

§ Its members would be sought from the fields of reputable financial lecturers, economical & financial commentators and those of considered ‘weight’ in the field.

§ They would be paid a set wage from PIFI which will be financed by financial institutions.

§ Appointments to financial institutions will be decided by PIFI and all appointee’s would be rotated annually to ensure impartiality.

§ PIFI members would meet monthly to discuss their position and observations at individual financial institutions and about possible future suggestions to improve best practices.

§ PIFI members would release frequent public statements on their position and observations to ensure accountability.

§ PIFI members would meet with the Minister of Finance over the year to discuss their observations and provide suggestions for future legislation that may affect the banking sector.

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