Board and Committees
The NAMA Board comprises seven members, including the Chairman, who were appointed by the Minister for Finance. The Chief Executive of NAMA and the Chief Executive of the National Treasury Management Agency (NTMA) are ex-officio members of the Board.
The NAMA Act (Section 18) sets out the principal responsibilities of the Board, which are
- to ensure that NAMA discharges its functions efficiently and effectively;
- to set strategic objectives and targets for NAMA;
- to ensure that the appropriate systems and procedures are in place to achieve the strategic targets and objectives; and
- to take all reasonable steps available to it to achieve those targets and objectives.
Eight members of the NAMA Board were appointed by the Minister for Finance on 22 December 2009. They are Frank Daly (Chairman), Michael Connolly, John Corrigan (Chief Executive of the NTMA, ex-officio), Eilish Finan, Brendan McDonagh (Chief Executive of NAMA, ex-officio), Brian McEnery, William Soffe and Peter Stewart. Peter Stewart and Michael Connolly resigned from the Board as of 10th October 2011 and 25th November 2011 respectively. The ninth member of the Board, Dr Steven Seeling, was appointed by the Minister on 26 May 2010.
No appointed member of the Board is eligible to serve more than two consecutive terms of office. The Minister determines the level of remuneration of appointed members and their entitlement to reimbursement for expenses.
The Board has established four statutory committees, under Section 32 of the Act, to assist in the discharge of its responsibilities:
- Audit Committee
- Credit Committee
- Finance and Operating Committee
- Risk Management Committee
The Board has also established two advisory committees under Section 33 of the Act:
- Planning Advisory Committee
- Northern Ireland Advisory Committee