Board and Committees
The board is responsible for establishing EirGrid’s purpose, values, and strategy. The board oversees the Chief Executive and management’s effective execution of strategy, performance and delivery of the annual business plan. Board members embed an appropriate company culture through leadership, objective judgement and constructive challenge.
The Board
The board engages, challenges and determines on matters related to the long-term success of EirGrid Group. While day-to-day responsibility for the leadership and control of the organisation is delegated to the Chief Executive and management team, the board is ultimately responsible for the performance of the EirGrid Group.
EirGrid, as a state-owned company, complies with the Code of Practice for the Governance of State Bodies 2016. This sets out the corporate governance principles which the boards of state bodies should observe.
Board members also must adhere to the Director Code of Conduct. Procedures are in place to review the performance of the board and the chairperson annually.
Areas for the Board
Specific matters reserved for the board (some of which are also subject to ministerial approval) include:
- Establishing board committees and their terms of reference
- Determining policy on senior management remuneration
- Reviewing operational and financial performance
- Appointment of Chief Executive, agreement of terms and conditions and assessment of performance
- Appointment of directors to board committees and subsidiary companies
- Appointment of the Company Secretary
- Appointment and removal of the company’s auditors
They are also responsible for approval of:
- The overall Group Strategy, Five Year Corporate Plan, Annual Business Plan and Annual Budget
- Establishment or disposal of subsidiaries, undertaking of acquisitions or participation in joint ventures
- Capital expenditure proposals in excess of specified limits
- Group Treasury Policy, Group Risk Management Strategy and risk appetite
- Codes of Conduct for directors and employees
- Principles to be adopted in negotiating tariffs with regulators
- Significant amendments to staff pension benefits
The board may also decide to delegate authority to a board committee and to management. The board has these matters documented in detail in the schedule of matters reserved for board decision document. This is reviewed and approved by the board annually.
You can see the profiles of the board members on our leadership page.
Committees
Audit & Risk Committee
The Audit and Risk Committee assist the Board in discharging its responsibilities in relation to financial reporting, internal audit, external audit, internal controls and risk management oversight.
The Committee is also responsible for reviewing and monitoring the independence and objectivity of the external Auditor and oversees the implementation of the non-audit services policy.
Committee members:
- Ivan Schuster (Chair)
- Rosa M. Sanz García
- Aidan Guinan
Innovation, Investment and Finance Committee
The Innovation, Investment and Finance Committee assists the Board in discharging their responsibilities in relation to the following:
- Oversight of system adequacy and stability and assessing system adequacy and stability risks in the context of the Board’s approved strategy.
- Oversight of delivery of strategic programmes of work designed to enable the system to operate securely and stably at high levels of non-synchronous energy sources, to evolve the Market in line with policy and regulation, or to adopt new technologies in the context of the Board’s approved strategy.
- Assessing material innovation, investment, capital expenditure, and onshore transmission grid projects in the context of the Board’s approved strategy.
- Oversight of EirGrid Group’s financial strategy and long-term financial planning consistent with the Board’s approved strategy and risk appetite.
- Oversight of implementation of EirGrid’s Stakeholder engagement strategy.
- Supporting the Board in the discharge of their responsibilities in relation to oversight of innovation, system adequacy, financial and treasury risks.
- Keep abreast of industry and policy trends, technology developments, EU electricity system and market design developments and their implications.
- Reviewing the governance arrangements in place for compliance with key financial and regulatory obligations and relevant aspects of the Code for matters relating to its remit.
Committee members:
- Rosa M. Sanz García (Chair)
- Brian Donohoe
- James Nyhan
- Deirdre Merriman
- Cathal Marley
Offshore and Interconnection Assets Committee
The Offshore and Interconnection Assets Committee (“the Committee”) shall assist the Board in discharging its responsibilities in respect of setting, reviewing and monitoring the strategies, policies, programmes, budgets, costs, risks, delivery, and performance of EirGrid’s Offshore Projects, Celtic Interconnector Project, the East-West Interconnector asset, and potential future interconnection projects in relation to the following areas:
- Construction of the Offshore Transmission Grid for Ireland
- Construction of the Celtic Interconnector
- East-West Interconnector asset management
- Assessment of investment and capital expenditure related to Offshore, Celtic, East-West Interconnector and other interconnector projects
The Committee shall also assist the Board in discharging its responsibilities in respect of the reviewing and monitoring the governance arrangements in place for compliance with financial, statutory, regulatory and Code of Practice for the Governance of State Bodies obligations in relation to the projects under its remit.
Committee members:
- James Nyhan (Chair)
- Pauline Walsh
- Aidan Guinan
- Brian Donohoe
- Cathal Marley
Remuneration Committee
The Remuneration Committee (“REMCO”) (“the Committee”) is a Committee of the EirGrid plc Board responsible for overseeing the operation of EirGrid’s Remuneration Policy and for setting the remuneration of the Chief Executive, the Executive Management Team and the Company Secretary.
The Committee also oversees Executive management succession planning and supports the EirGrid plc Chair in relation to Board succession planning.
Committee members:
- Brendan Tuohy (Chair)
- Pauline Walsh
- Tom Coughlan
Sustainability, Culture and Safety Committee
The Sustainability, Culture and Safety Committee assists the Board in discharging its responsibilities in relation to oversight of the strategies, policies, programmes, risks, targets, and performance of the EirGrid Group, and where appropriate, of its suppliers and contractors in relation to safety, health, wellbeing, the environment, and sustainability.
The Committee also supports the Board in providing oversight of the culture, employee engagement and corporate social responsibility including respect for human rights.
Committee members:
- Tom Coughlan
- Ivan Schuster
- Deirdre Merriman
- Brendan Tuohy