Dublin, 26 May 2015
Minister for Communications, Energy and Natural Resources, Alex White, T.D., has appointed Mr. Frank O'Flynn and Mr. Frank O'Connor to the board of the National Oil Reserves Agency (NORA) for a five year period.
NORA is responsible for ensuring that Ireland meets its obligations under EU Legislation and International Energy Agency rules to maintain a minimum of 90 days stocks of oil for use in the event of a physical shortage of supplies. It is also responsible for administering Ireland's Biofuels Obligation Scheme
Minister White said "I am pleased to appoint Mr O'Flynn and Mr O'Connor and I believe these appointments will add greatly to the expertise available to the NORA board."
The appointments were made in accordance with the Guidelines on Appointments to State Boards. A notice in relation to serving on the Board of NORA was advertised on the website www.Stateboards.ie. Specifically, candidates were sought with one or more of the following:
- Extensive Financial Expertise at a senior executive level (Accountancy, Audit, Banking (incl. Loan negotiation), Corporate Finance and Risk);
- Experience at a senior executive level in Corporate Governance and Compliance;
- Senior executive experience and knowledge of oil or oil related industries.
Notes to Editors
Frank O' Flynn qualified as a solicitor of the law Society of Ireland in 1996 and of the Supreme Court of England and Wales in 1998. He has worked with an array of international energy corporations and institutions including BP, the European Commission Energy Directorate and as acting general consul for Bord Gáis. In 2014 he established Backstay, a strategic and legal consultancy business, and currently serves as director.
Frank O' Connor is the current director of Funding and Debt Management at the NTMA. Previously, he worked for 20 years in a variety of banking roles including the Head of Trading in AIB's Primary Dealer Bond Unit and Head of Wholesale Treasury, Bank Zachodni WBK based in Warsaw, Poland. He is a Fellow of the Association of Chartered Certified Accountants (FCCA) and a graduate of Dublin City University, Trinity College Dublin and the Institute of Bankers in Ireland.
Section 14 of the National Oil Reserves Agency Act, 2007 provides that the Board of Directors of NORA shall consist of not more than 5 persons, including the Chairperson, who shall be appointed by the Minister, with the consent of the Minister for Public Expenditure and Reform. There is no requirement to go to Government with NORA board appointments under the NORA Act. The appointments were made in accordance with the Guidelines on Appointments to State Boards.