When asked if they would consider applying for a position on the board of a State body, the survey nonetheless found that nearly 72% of directors and business leaders would still consider applying for such a position. 

The sentiment towards the Code of Practice for the Governance of State Bodies was also mostly positive, with just under 73% saying it has been effective in supporting good corporate governance standards in State organisations and nearly 74% saying it has improved governance standards since its revision in 2016.

IoD Ireland CEO Caroline Spillane said the results shine a light on the reputational concerns directors now have when considering serving on State boards in Ireland.

“While there was a largely positive perspective offered by respondents on the value of having a code of practice in place, several respondents voiced the need to review its oversight, accountability, and implementation," she said. 

"There were also concerns raised on the recruitment process to State Boards, in respect of the relevant experience and skills. 

Directors also expressed the desire for the code to be revised to reflect the latest in governance developments. 

Ms Spillane said they will be conducting further research with directors and members with the aim of providing practical recommendations to help support the Government in further enhancing the governance of State agencies. 

“This new survey will also inform our learning and development strategy for members and board directors who currently sit or are interested in sitting on State Boards.”

In October, the IoD launched a new framework for directors, c-suite and senior executives, and boards to drive higher standards in corporate governance in response to the evolving policy, regulatory, macro-economic and governance environment in Ireland.