Irish companies 'need better corporate governance'

An accountants' organisation has issued its own comment on Ireland's corporate governance standards by opting not to hand out a prize at its annual awards ceremony.

The Chartered Accountants Ireland Leinster Society had intended to honour one company in the best corporate governance category at last weekend's Published Accounts Awards, the Irish Independent reports.

However, the professional body's judging panel decided that none of the entries had met the required standards of excellence.

Speaking at the ceremony in Dublin, chief executive of the Irish Stock Exchange Deirdre Somers offered an explanation regarding the absence of the governance award.

"The disclosures in relation to corporate governance are not as comprehensive as they should be and that's a reflection on that," she commented.

A total of 26 companies competed for awards in seven categories at the awards, which celebrated their 33rd year.

Earlier this month, a new statutory code of corporate governance for banks and insurance providers was issued by the Central Bank of Ireland.