Report: 'Who you know' culture on Irish boards14/11/2012 - 08:28:15
The Institute of Directors in Ireland (IoD) has issued a report which reveals that 45% of directors believe the selection and appointment process to boards in Ireland were based on 'who you know'.
Only 1 in 10 (9%) of the directors surveyed were of the view that the process of appointment is open and transparent.
The '50 under 50' IoD Research Report sought the views of 50 directors who are members of the Institute of Directors in Ireland, all of whom are under 50 years of age, with an average of five years or more experience as directors.
The report also said that the directors think minimum training requirements for all directors should be introduced.
Lack of knowledge, too little questioning of management teams, lack of challenge and group-think were cited as key failings by boards in recent years.