1. The Central Bank considers that a reasonable number of working hours available for each individual is approximately 2000 per year. This is based on a 9 hour day and 230 working days per annum. This ‘total’ time allocation should be considered by individuals when taking on new directorship roles and should include all professional commitments including other directorships and employments held. Directors should satisfy themselves, and their boards, that they have sufficient time to fully discharge their duties.

2. Directors and boards should agree a minimum time allocation for board meeting attendance; this should include all necessary preparation, review of documents and also, where appropriate, travel time. The agreed minimum time allocation should be documented in the director’s letter of appointment in line with paragraphs 5 and 6 of this Part.

3. Sufficient time should be set aside as a buffer for directors to deal with ad hoc issues that arise from time to time. This should be in addition to the normal time allocated to each director role.

4. Additional time should be allocated where a director carries out a Chairperson role. This time allocation should be agreed with each board and be commensurate with any additional work that this role requires.