The revised and updated Code of Practice for the Governance of State Bodies (2016) is designed to ensure that both commercial and non-commercial State bodies meet the highest standards of corporate governance. It provides a framework for the application of best practice and is intended to take account of developments in respect of oversight, reporting requirements and the appointment of Board members. The Code is based on the underlying principles of good governance: accountability, transparency, probity and a focus on the sustainable success of the organisation over the longer term.
The updated Code of Practice for the Governance of State Bodies (2016) is split into a suite of documents comprising of the main Code and more detailed documents setting out the Code requirements as follows:
- Code of Practice for the Governance of State Bodies;
- Business and Financial Reporting Requirements;
- Audit and Risk Committee Guidance;
- Remuneration and Superannuation; and
- Board Self-Assessment Evaluation Questionnaire.
A consolidated Code of Practice for the Governance of State Bodies 2016 is provided here. It contains the main Code and the 4 more detailed documents in a single pdf document, which may provide ease of reference.
For commercial State bodies the oversight agreement between the relevant Minister/parent Department and the State body is the Shareholder Expectation Letter. A model Shareholder Expectation Letter is included for information: Model Shareholder Expectation Letter.
The press release for the launch of the Code of Practice can be found here.
A list of the significant changes in the 2016 version of the Code of Practice from the 2009 version can be found here.
Guidance for Preparation and Presentation of Financial Statements under the Code of Practice for the Governance of State Bodies 2016
‘A Guide to the Implications for the Annual Financial Statements and the Annual Report’
This guidance sets out how the requirements and financial reporting disclosures in the Code of Practice for the Governance of State Bodies (2016) should be reported in the financial statements of State bodies.
The guidance can be accessed here: “A Guide to the Implications for the Annual Financial Statements and the Annual Report”
Appointment of CEOs of Non-Commercial State Bodies
The Public Service Pay and Pensions Division (DPER) has prepared the following templates for use by Non-Commercial State Bodies and their parent Department:
These documents may be updated from time to time without advance notification by the Public Service Pay and Pensions Division. The most recent version will be published on this web page. Non-Commercial State Bodies and their parent Department should ensure the most recent template version is used.
The Code of Practice for the Governance of State Bodies (2009) is provided here for reference.