THE appointment of a new chairman to New Ireland Holdings is "receiving consideration", according to a spokesman for the company. But a new appointment would not be announced at today's annual general meeting, he said.

New Ireland managing director, Mr Jack Casey has been acting chairman since 1994, when former chairman Mr Des Traynor died.

Best practice guidelines from Cadbury and the Irish Association of Investment Managers (IAIM) recommend that the roles of chairman and chief executive should be separated. As a fund manager New Ireland is a member of the IAIM.

The spokesman said the life assurance and general insurance group was "acutely aware" of the need to do something about the situation. But he added that the appointment of a chairman was a matter which required serious consideration.

New Ireland, which is 83 per cent owned by French insurer Union Assurances de Paris (UAP), reported a 42 per cent rise on pretax profits to £10.4 million for 1995.

In recent months, following its takeover of life assurer Sun Life and general insurer Provincial Holdings in Britain, UAP reorganised its Irish and British operations into a new holding company and profit centre.

Sun Life and Provincial Holdings, which now holds the 83 per cent of New Ireland ultimately owned by UAP, is currently seeking a listing on the London stock market through the sale of a minority share holding. Sun Life and Provincial Holdings launched its pathfinder document in London today. New Ireland shares have jumped from a low of 600p this year to 825p on speculation that the French company may bid to buy out the minority shareholders at up to £10 a share.