New Economy and Recovery Authority
In September 2011 the Government announced the establishment of the New Economy and Recovery Authority (NewERA), initially on a non-statutory basis, within the NTMA. The core roles of NewERA will centre around the oversight of the commercial State sector in Ireland including, where requested, advising on the disposal or restructuring of State assets and ensuring that Government plans for investment in energy, broadband and water are implemented within the sector. It will have a wide corporate governance role encompassing oversight of financial performance, corporate strategy, capital and investment plans and will act as a Shareholder Executive managing State assets from a portfolio perspective.
The main functions of NewERA are as follows:
- corporate governance from a shareholder perspective of the following commercial State companies: ESB, Bord Gáis, EirGrid, Bord na Móna, Coillte;
- working with Departments to develop and implement proposals for investment in line with NewERA Programme for Government commitments in energy, water and next- generation telecommunications;
- working with the NPRF to bring forward proposals for investment of available resources in the NewERA initiative;
- working with the NPRF to develop a Strategic Investment Fund;
- reviewing capital investment plans of these commercial State companies from a shareholder perspective;
- identifying possible synergies between investment programmes of different commercial State companies; and
- where requested by Government, advising on, and if appropriate overseeing, any restructuring or disposal of commercial State company assets
Protocol on meetings with market participants / advisers in the context of the Government’s announcement on the disposal of State Assets
NewERA has issued a Protocol (27.2 KB, PDF format) setting out the procedure and policy for engagement with market participants and advisers in the context of the potential disposal of State assets.
This Protocol, which has been approved by the Minister for Public Expenditure and Reform, applies to requests for meetings with officials of NewERA and/or any Government Department, including advisers to Departments or Ministers, from
- banking, financial, legal, PR, management consulting or any other kind of professional services companies; and/or
- any individual or organisation that is, or which represents, a potential bidder.