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.Follow TheCork.ie (The Online Newspaper for Cork, Ireland) on social media