SWIFT 3000: 2010 Code of Practice for Corporate Governance Assessment
In 2010 SWiFT 3000 was launched in Ireland as a methodology for assessment of board corporate governance practices. The standard offers a code of practice of corporate governance which is suitable for application to public and private enterprises in Ireland. It is the first standard in the world establishing a framework for an independent assessment and an associated certification scheme.
Certification to the Code is only obtainable from Members of the Association of Accredited Certification Bodies (AACB) who have put in place the auditor competence and assessment criteria for such certification.
What is Swift 3000?
The Swift 3000 Code for Corporate Governance Assessment can be downloaded below. The codes assessments involve a rigorous examination of the board in such areas as; appointment, composition, competence, independence, remuneration, information, reporting, accountability and audit. The code provides a best practice standard for an independent evaluation of an organisation’s compliance with existing corporate governance codes such as the OECD principles, the Combined Code on Corporate Governance and the Code of Practice for the Governance of State Bodies.
The Swift 3000 Code was developed by to help organisations tackle some of the challenges they face regarding corporate governance. On its launch Mr. Billy Kelleher, T.D., Minister for Trade and Commerce, stated, “Good corporate governance is a key factor in sustaining economic growth and development. Corporate governance failures in some of Ireland’s prominent private sector and state sector companies has resulted in a loss of reputation for Ireland and a loss of support from many international stakeholders. Organisations that undertake the independent assessment will send clear signals to their shareholders, stakeholders and to the international community that they are operating to the best standards in corporate governance. With the introduction of this new voluntary code, Ireland is not only advancing the corporate governance agenda, but is in fact leading it.”
Developing the SWIFT 3000: 2010 Code of Practice for Corporate Governance Assessment
More than a dozen key professional bodies engaged in the promotion of best corporate governance practice participated in the development of SWiFT 3000, including NSAI, IoD, the public and private sectors, the Financial Regulator, Office of the Director of Corporate Enforcement, Corporate Governance Association of Ireland (CGAI), Irish Small and Medium Enterprises Association (ISME), Institute of Chartered Secretaries and Administrators (ICSA), Institute of Public Administration (IPA), Standards in Public Office Commission and corporate governance experts from academia. The code will be reviewed on a regular basis to reflect changes in regulation, legislation and corporate governance codes.
Certification Europe is an AACB approved certifier for SWiFT 3000.
Achieving Swift 3000Certification
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