The Panel is a statutory body, the Members of whom are representative of bodies professionally involved in the securities markets and in the field of takeovers. They comprise the following five bodies, or in certain cases, their corporate or personal nominee:
- Pat Costello, nominated by the Consultative Committee of Accountancy Bodies – Ireland
- Law Society of Ireland
- Irish Association of Investment Managers
- Irish Clearing House Limited, nominated by the Irish Banking Federation
- Irish Stock Exchange plc
If deemed necessary, the Minister for Jobs, Enterprise and Innovation may alter this list by introducing appropriate regulations. Each of these bodies has appointed a director to the Board of the Panel. In addition, the Governor of the Central Bank of Ireland has appointed the Chairperson and Deputy Chairperson to the Board.
Directors of the Panel
- Chairperson: Denis McDonald, S.C., appointed by the Governor of the Central Bank of Ireland
- Deputy Chairperson: Ann Fitzgerald, appointed by the Governor of the Central Bank of Ireland
- Thomas Byrne, appointed by the Banking & Payments Federation Ireland (alternate: Maurice Crowley)
- Paul D’Alton, appointed by the Consultative Committee of Accountancy Bodies – Ireland
- Daniel Kitchen, appointed by the Irish Stock Exchange (alternate: Hugh McCutcheon)
- Frank O’Dwyer, appointed by the Irish Association of Investment Managers
- Paul Egan, appointed by the Law Society of Ireland (alternate: Lorcan Tiernan)
The Act provides for the Governor of the Central Bank and the five nominating bodies to designate one or more alternates for each director appointed by them. This facilitates the functioning of the Panel when directors are unavailable or are faced with a potential conflict of interest in relation to a case under consideration. There is also a provision for up to three additional directors to be co-opted by the existing directors.
The Panel works on a day-to-day basis through the office of the Director General (“the Executive”). The Executive deals with the general administration of the Panel and the Rules, including consideration of queries and submissions which do not require consideration by the Board of the Panel. The Executive is responsible for monitoring dealings in the securities of relevant companies, and is available for consultation and to give guidance before and during takeover transactions. However, the Panel’s statutory powers to make rulings and give directions pursuant to the 1997 Act are discharged by the Board alone. Parties and their advisers are strongly advised to consult the Executive in the first instance, if there is any basis for doubt as to the status of any relevant activity or circumstance under the Rules. The Director General of the Panel is Miceal Ryan.