Independent Oversight Body notes low regulatory complaints and continued investment by the company in its regulatory governance as part of second annual report
Regulatory governance at eir has shown significant improvements in recent years, including that the volume of regulatory complaints against the company is very low, according to the second report by eir’s Independent Oversight Body (IOB). The IOB, an independent body that oversees eir’s regulatory governance structures, noted no issues of concern and expressed broad satisfaction with the adequacy of eir’s regulatory governance in its latest annual assessment.
The report rated eir’s regulatory governance management framework as “significantly improved during the course of the IOB’s term to date”, while also praising eir’s investment in its Internal Audit Function as a positive development that will improve workflow and efficiency.
The IOB was developed following a settlement agreement between eir and the Commission for Communications Regulation (ComReg) arising from a High Court action involving both parties. Under this agreement, eir undertook to implement a specified set of Regulatory Governance Model Undertakings and to participate in the establishment of an Independent Oversight Body that would review eir’s compliance with its regulatory obligations and the adequacy of the Regulatory Governance Model Undertakings.
The Body’s first report, published last year, concluded that “no matters of significant interest have come to its attention regarding regulatory noncompliance or eir’s regulatory governance structures” and that it enjoyed “ongoing positive engagement with eir, at both operational and executive levels”.
The IOB will continue to monitor eir’s regulatory performance, and make recommendations for improvement, over its remaining term.
Speaking about the IOB’s second report, eir’s CEO, Oliver Loomes, said:
“Regulatory governance at eir continues to move from strength to strength, something made clear by the IOB’s two reports. We look forward to continuing our cooperative and transparent relationship with the IOB as this process continues to evolve and we are already implementing the potential improvements to certain areas recommended in this latest report.”
eir’s Director of Regulatory and Public Affairs, Kjeld Hartog, added,
“We have demonstrated exceptional commitment to regulatory governance in recent years and have gone beyond the terms of the Settlement Agreement in allowing our Internal Audit Regulatory Governance function to be independently assessed by a major accountancy firm. While such external assessment is not required under the terms of the agreement, it is evident that the positive conclusions of that assessment provided added assurance to the IOB.
“The very low levels of regulatory complaints we receive, and the positive nature of the two IOB reports, is testament to how well eir is managing its regulatory compliance.”