The PSI was established under the Pharmacy Act 2007 with effect from 22 May 2007. The PSI has adopted a corporate governance regime in accordance with best practice.
Corporate governance is the system by which organisations direct and control their functions and relate to their stakeholders in order to manage their business, achieve their mission and objectives and meet the necessary standards of accountability, integrity and propriety. The Council of the PSI adopted a Corporate Governance Framework in September 2009 which will be kept under review and updated as required.
- The PSI Corporate Governance Framework is informed by and in compliance with the following:
Department of Finance “Code of Practice for the Governance of State Bodies (2009)” and “Public Financial Procedures".
- Department of Health and Children “Framework for Corporate and Financial Governance (2006)”
- “The Good Governance Standard for Public Services” issued by the Independent Commission on Good Governance in Public Services
- OECD Principles of Corporate Governance
- Ethics in Public Office Acts 1995-2001
- Data Protection Acts 1988 and 2003
- Freedom of Information Acts 1997-2003
- Companies Act 1963
- Health Acts 1947-2004
- The Ombudsman Act 1980
- Comptroller and Auditor General (Amendment) Act, 1993
Benefits of good governance:
- Improved transparency and accountability. The PSI performs its functions and duties in the public interest and is therefore accountable to the public. The PSI is also accountable to the Oireachtas for the exercise of its regulatory functions.
- Taking informed, transparent decisions and managing risk.
- Improved communication with stakeholders.
- Good governance leads to good management, good performance, good stewardship of public money, good public engagement and, ultimately, good outcomes.
The Council of the Pharmaceutical Society of Ireland also adopted a Code of Conduct for Council and Advisory Committee Members of the Pharmaceutical Society of Ireland in September 2009.