Michael Somers appointed president of Institute of Directors in Ireland

AIB deputy chairman will take up position for two-year term

Dr Michael Somers succeeds Des Lamont following the completion of Mr Lamont’s two-year term leading the board. Photograph: Eric Luke

Dr Michael Somers succeeds Des Lamont following the completion of Mr Lamont’s two-year term leading the board. Photograph: Eric Luke

 

Former chief executive of the National Treasury Management Agency (NTMA) Michael Somers has been appointed president of the Institute of Directors in Ireland.

Mr Somers, who is chairman of Goodbody stockbrokers and deputy chairman of AIB, takes up the position for a two-year term following his appointment at the institute’s agm on Thursday.

He succeeds Des Lamont following the completion of Mr Lamont’s two-year term leading the board.

“The role of director is evolving at a faster pace than ever before,” said Mr Somers. “New regulations have come into force in recent years and more are coming in the near future.

Responsibility

“This means directors need to be well informed about the greater degree of responsibility and professionalism required of them.

“The Institute of Directors in Ireland will play a crucial role in supporting directors during this time of change through our formal training programmes and informational events and publications.

“I look forward to supporting this effort and continuing the institute’s mission to promote best-practice in the boardroom.”

Dr Somers, who was CEO of the NTMA from 1990 until the end of 2009, has also served as commissioner of the National Pensions Reserve Fund and chairman of the National Development Agency.

He was previously secretary general of the Department of Defence from 1985 to 1987, and chaired the EU group that established the European Bank for Reconstruction and Development.