Bank of Ireland’s company secretary to retire in August

Cantillon: Helen Nolan to be replaced by AIB’s Sarah McLaughlin

Where has Bank of Ireland  gone to find its next principal administrative officer? Nowhere other than its main rival. Photograph:   Peter Muhly/AFP/Getty Images

Where has Bank of Ireland gone to find its next principal administrative officer? Nowhere other than its main rival. Photograph: Peter Muhly/AFP/Getty Images

 

Word has reached Cantillon that Bank of Ireland’s long-standing company secretary, Helen Nolan, best known to shareholders for being a picture of calm at often heated annual general meetings over the past decade, is set to retire in August.

So, where has the bank gone to find its next principal administrative officer? Nowhere other than its main rival.

Bank of Ireland staff were told in an internal email on Wednesday by chief financial officer Andrew Keating that AIB’s group company secretary and head of corporate governance, Sarah McLaughlin, will be joining the country’s largest retail bank by assets in September.

McLaughlin, staff were told, “played a significant role” in the delivery of AIB’s initial public offering (IPO) in 2017, where the Government sold a 29 per cent stake for €3.5 billion, as well as the subsequent establishment of a new holding company, which would help the bank meet new EU rules to protect depositors and taxpayers in the event of another crisis.

We don’t know if it was McLaughlin’s ability to boast about being named ICSA Company Secretary of the Year in 2017 that clinched the Bank of Ireland job, but it’s fair to say that AIB is getting wary of employees wandering back with trophies from awards ceremonies.

Barely four months after AIB’s last chief financial officer, Mark Bourke, was named as The Irish Times CFO of the year, the accountant handed in his notice to join Portuguese lender Novo Banco.

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