Companies Act 2014 section 907

Board of directors

Section 907 sets out the rules governing the composition, appointment criteria, and independence requirements for the board of directors of the Irish Auditing and Accounting Supervisory Authority (IAASA).

• The board comprises up to 8 directors appointed by the Minister (including the chairperson and deputy chairperson), plus the chief executive officer who serves as a director automatically by virtue of their office.
• Appointed directors must include 2 nominees of the prescribed accountancy bodies, 2 Minister's nominees (one of whom must be independent and serves as chairperson), and one nominee from each designated body, with no more than 3 board members being members of prescribed accountancy bodies at any time.
• Since 17 June 2016, directors must have relevant knowledge in statutory audits or sustainability reporting assurance, and cannot currently be involved in — or have been involved in the previous 3 years in — statutory audit work or, from 6 July 2024, sustainability reporting assurance work.
• Directors serve terms of between 3 and 5 years, the deputy chairperson must not be a member of a prescribed accountancy body, and members of the Supervisory Authority may not instruct the directors on how to carry out their duties.