Martin Shanahan

Martin Shanahan (aged 44 in 2017) is the current CEO of IDA Ireland, the Irish Government agency responsible for attracting foreign investment into Ireland. He took up this position on September 1st,2014.

Career

Shanahan was selected by the IDA in 2014 following an extensive search programme conducted by the IDA, the Public Service Appointments and PWC.

Irish Minister for Jobs, Enterprise and Innovation Richard Bruton welcomed the appointment at the time, saying Shanahan had been instrumental in driving the Action Plan for Jobs initiative, which had been crucial in restoring competitiveness and increasing the number of jobs in the three years prior to his appointment.

Before his employment by the IDA, from 2010 to 2014, Shanahan was CEO of Forfás the advisory board for enterprise, trade, science, technology and innovation.

He joined Forfás in 2005 and worked in a number of senior roles there before taking on the role of CEO.

Prior to joining Forfás, he held a management role in Fáilte Ireland; the Irish National Tourism Development Authority responsible for the professional development of the tourism sector.

Impact on the Irish Economy

Since taking on the role of CEO of the IDA in June 2014, Shanahan has been spearheading IDA Ireland’s efforts to win a share of jobs set to leave the United Kingdom, following the vote to leave the European Union. Companies like Barclays, JP Morgan, Citi and Bank of America have all stated that Ireland will form part of their post-Brexit plans.

He has overseen the growth of employment in foreign owned enterprises in Ireland to a situation where 10 per cent of the Irish labour force are now employed directly by overseas multinational companies.

As CEO of Forfás, he was credited with being instrumental in driving the Action Plan for Jobs process, which was crucial in restoring Ireland’s competitiveness and supporting the growth of jobs following Ireland’s economic collapse.

A review of the Action Plan for Jobs by the Organisation for Economic Co-operation and Development (OECD) concluded it had led to two significant developments in Irish public governance.

One was the implementation of government policy with political backing and oversight at the highest level. The other important development noted by the OECD, was the rigorous quarterly monitoring and reporting system which was modelled on the Troika programme.

The OECD Secretary-General Angel Gurría praised the report, stating: “The APJ’s most striking innovation in the Irish public policy context is a coordination mechanism that ensures high-level political buy-in and oversight, whole-of-government engagement and the establishment of quarterly targets underpinned by a robust monitoring system. These are important steps towards addressing long-standing gaps that undermine successful policy implementation”.

Early Career

Earlier in his career he spent a decade working in the hotel industry, first with Sinnott Hotels and later with the Great Southern Group. Before that, he worked in CERT, the Irish tourism training body, in 1999.

Marriage Referendum

Prior to the Gay Marriage Referendum in Ireland on May 15 2015, Shanahan, in an interview with The Irish Times, stated that a ‘Yes’ vote would be in the State’s economic interest and that a ‘No’ vote would send out a negative message to the international business community. He added that a large number of multinationals in the US had come out in favour of same-sex marriage. Ireland became the first country in the world to approve same-sex marriage by popular vote.

Viral Interview

As CEO of the IDA, he was interviewed on CNBC ‘Squawk Box’ in late 2014. During the interview, which was conducted by CNBC presenter Joe Kernan, Shanahan handled a bizarre line of questioning with skill.

This included Mr Kernen, a regular co-host of the show, asking, ‘Do tax breaks lead to better golfers’? ‘Is Ireland really in the euro’? ‘Is it not just part of Britain’? and ‘Is it actually its own island’?

The New York Times likened the interview to a scene from “the Marx brothers or Abbott and Costello.” Shanahan however was praised for his adept handling of the questions. The interview has been watched 670,000 times by viewers around the world on YouTube. The story received a large amount of international coverage

Positions held

Shanahan is a board member of IDA Ireland and Chairman of IDA Ireland's Investment Committee. He has previously been a board member of Forfás and the Management Advisory Committee of the Department of Jobs, Enterprise, and Innovation. He is also a member of Ireland’s National Competitiveness Council and was previously a member of Ireland's Advisory Council for Science, Technology and Innovation, as well as Ireland’s Expert Group on Future Skills Needs. In addition, he’s a member of the Institute of Directors and a Fellow of the Irish Hospitality Institute.

Education

Shanahan holds a M.Res (Educational Research from Lancaster University, and an H.Dip from Dublin Institute of Technology, as well as a B.Sc. (Mgmt) from the Trinity College Dublin. He has also undertaken executive education in economics at Oxford University and at the Kennedy School of Government in Harvard.

Personal Life

Shanahan was born in Abbeydorney, Kerry. He now lives in Skerries, Co Dublin, with his partner, Gary.