Pat Farrell CDir

Tell us more about your background

I am currently CEO of Irish Institutional Property (IIP), the representative body for institutional investors in Irish real estate, whose members have c€20bn invested in Irish real estate across key economic sectors. The mission of IIP is to promote the development of a sustainable world class real estate sector in Ireland which benefits members, the economy, communities and wider society. 

I am a highly experienced senior level business leader with P&L responsibility and strong commercial, governance, strategic communications and public affairs experience gained across healthcare, politics, banking, financial services and charities sectors at Executive Management Team, CEO and Board level. I currently serve on the Board of Co-operation Ireland, the pre-eminent all island peace building charity.

I am a graduate of Columbia and Henley Business Schools Executive Education Programmes. I am also a Fellow of the Institute of Bankers and a Chartered Director. 

What is the one characteristic that you believe every leader should possess?

Openness to change and an ability to constantly scan and look over the horizon is a critical skill. All professional careers will be largely defined by how well we anticipate and face the big challenges and changes in the operating environment and markets generally.  Building a sustainable and scalable business through constant innovation and developing organisation wide resilience has to be a primary focus.

What is the most important lesson, from your personal or business life, that has guided you the most in being a business leader? 

The power of silence or to put it another way, the art of listening. It’s a muscle that needs constant attention and self-discipline. Communication must always be two-way; you need to constantly demonstrate that you are open to feedback and through your interactions demonstrate that you have heard and taken on board a range of perspectives.  Only is this way can you build team spirit and common purpose. 

How has membership of IoD Ireland helped you feel more equipped in your role as CEO at Irish Institutional Property?

It keeps my network refreshed and has broadened my range of contacts which in turn keeps me informed, up to date and constantly exposed to new developments and ideas. Access to professional development programmes, and staying up to date with best practices in governance, are all important elements of the IoD Ireland proposition which I value.

What do you value most about being a member of IoD Ireland?

When you have an idea or a challenge, being able to reach out to a fellow IoD Ireland member to get some deeper insight or a fresh perspective is always invaluable.  The breadth and depth of the membership knowledge bank and experience is unrivalled. Membership is a positive point of differentiation providing assurance to those who are seeking to recruit Board members, that an IoD member has acquired an internationally respected and recognised professional in corporate direction, and is committed to ongoing professional development.

Is there someone who has had a major impact on you as a leader? Why and how did this person impact your life?

A former boss greatly influenced me by his courageous, inspirational leadership and resilience during a period of enormous challenge for the business. He wasn’t afraid to take the tough decisions and backed his team when they did likewise.  He taught me the power of authentic leadership and the reciprocity and release of discretionary effort that it generates across the organisation.  

What are the biggest business challenges or/and opportunities that you have seen over your career to date? And how did you help to overcome or/and optimise these? 

The scale and pace of technological change is breathtaking.  Understanding what it means for your business and colleagues and how to harness and optimise its benefits is a constant. Creating the head space to stay up to speed with emerging trends and continuously stress testing your business strategy to ensure it is sufficiently robust to keep abreast and ahead of sector developments and maintain competitive advantage is critical.

How do you think business leaders can best prepare for the future?

It might seem obvious, but business leaders need to stay fit and healthy and strike the right balance between their business and personal lives.  Ignoring this aspect often constrains your ability to give of your best for both business and colleagues.  Fostering a culture that values innovation, agility and curiosity is essential in building a sustainable business. 

What advice would you offer to new or aspiring directors in Ireland?

My advice to new directors would be to be clear about your objectives in role. What added value will you bring to the table and how will it deepen and develop your boardroom skills. Is the company aligned with your own values system? Do your due diligence, selection is a two way process.  I would also encourage would be directors to be conscious of what I would call their social contract. Charities and the broader NGO sector need your skills too, as well as the corporate sector.