Corporate governance refers to the systems and procedures by which organisations are directed and managed, and the relationships between the organisation’s board and stakeholders. State bodies must serve the interests of the taxpayer, pursue value for money in their endeavours, including managing risk appropriately, and act transparently.

As a public body the Pharmaceutical Society of Ireland (PSI) must comply with a particular set of rules and principles in relation to how it operates and performs its functions. The PSI aims to reflect best practice as provided for under the Code of Practice for the Governance of State Bodies.

The PSI has a Corporate Governance Framework which sets out how the organisation aims to meet best practice standards and procedures in relation to its corporate governance. It is a resource used by the Council, its Committees and staff in carrying out their roles and aims to:

  • improve transparency and accountability;
  • manage risks, and to take informed, transparent decisions.
  • improve communication;
  • lead to good management, good performance, good stewardship of public money, good public engagement and, ultimately, good outcomes.

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 in the exercise of its regulatory functions. There are also Codes of Conduct for members of the PSI Council, PSI Advisory Committees and employees.  

The register of interests of PSI Council members is updated and published annually.