New Structure for a New Century
Accordingly, after almost two years of preparatory work, a new corporate governance structure was introduced in January 2002 whereby three new companies were incorporated. MMCUH is the holding company for two subsidiary companies - Mater Misericordiae University Hospital and Children's University Hospital - each of which is responsible for the separate management of the respective hospitals.
Each of the companies has been granted charitable exemption by the Irish authorities and the holding company is limited by guarantee i.e. does not have any shareholders or share capital. Under this new structure, the Sisters of Mercy continue to be involved in the ownership of the two hospitals (as the members of the holding company). The management responsibility of each hospital is delegated to the respective subsidiary company and their boards of directors. Each of these boards consists both of members of the congregation and members of the lay community with a range of different professional expertise and experience. The holding company functions through a non-executive board of governors and a full-time secretariat.