Martin Shanahan
Martin Shanahan is a former Irish public servant, CEO of inward investment agency IDA Ireland from 2014 to 2022, now a partner at Grant Thornton Ireland. During his 8 years heading the IDA, which encompassed Brexit, the COVID-19 pandemic and a major change to US corporate taxation policy, multinational presence in Ireland grew by a significant percentage, and employment in that sector grew from around 160,000 to over 300,000. The holder of multiple degrees and a professor at University College Dublin, he initially worked in the hospitality trade, including management of hotels.
Early life and education
Shanahan was born in Abbeydorney, County Kerry.He studied at Cathal Brugha Street DIT, and holds a H.Dip in Hotel and Catering Management, and an M.Sc., from Dublin Institute of Technology, as well as a B.Sc. and M.A. from Trinity College Dublin, and an M.Res from Lancaster University.
Early career - hospitality
Shanahan's early experience was in the hospitality industry, working in bars and hotels from what he describes as an early age, including with the Sinnott chain, eventually managing hotels.Public sector
Shanahan moved to the public sector, taking roles including at Fáilte Ireland, the Irish tourism promotion and development authority, and in regional operations and management of CERT.Forfás
He worked from 2005 to 2014 in Forfás, an Irish state-funded policy agency which advised government on enterprise, trade, science, technology, and innovation, with a staff of 90. Shanahan worked in a number of Forfás roles before becoming CEO in 2010. Forfas was dissolved in 2014, as part of the Government's commitment to reducing the number of Irish State quangos, and its functions were transferred to the Department of Jobs, Enterprise and Innovation, Enterprise Ireland, the Industrial Development Authority and the Health and Safety Authority.IDA Ireland
Shanahan held the position of CEO of IDA Ireland from 2014 to 2022. The role was described by journalist Colm Kelpie as "part politician, part diplomat, and part salesman". Shanahan highlighted the availability of talent above all, and satisfaction with the quality of the country's third-level education system, as reasons why Ireland has been so popular with multinational companies.Brexit
The first major event to occur during Shanahan's tenure as IDA CEO was Brexit, and he was quoted as saying Brexit was likely to be a net positive for IDA Ireland in terms of attracting companies to Ireland as a base for selling into the EU. In June 2017 Shanahan was criticized for filling only one of ten positions that his office had been given to hire people to attract companies to Ireland that were leaving the UK due to Brexit.In October 2017 and January 2018, Shanahan testified before the Public Accounts Committee that Ireland needed to improve the affordability of its housing and its infrastructure, particularly broadband internet access, to remain competitive in attracting foreign companies; he also said that while companies in the financial industry were considering moving from the UK to Ireland due to Brexit, the loss of access to the UK for companies that depend on it for sales or supplies could harm Irish companies. As of December 2017, several major financial firms based in the UK had chosen to go to Frankfurt, Luxembourg, Brussels, or Paris, and in January 2018 Shanahan reported that no new jobs had been created in Ireland due to Brexit and that he expected to see the outcome of his office's efforts at the end of 2018 or the beginning of 2019. By June 2018 companies opting to go elsewhere had caused Ireland to fall out of the top 10 rankings for European financial firms.
US corporate tax changes
The second major event was the Tax Cuts and Jobs Act of 2017 which changes the tax structure for U.S. multinationals in Ireland. Shanahan was confident that the impact of the TCJA could be managed, noting Ireland's headline corporate tax rate of 12.5% was competitive against the new headline U.S. corporate tax rate of 21%.Interviews
In November 2014, Shanahan was interviewed on CNBC's Squawk Box live in the CNBC studio. During the interview, long-standing CNBC presenter Joe Kernen asked unusual questions including: "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 unusual interview received international coverageDuring the Irish Same-sex marriage referendum in 2015, Shanahan stated that a 'Yes' vote would be in the State's economic interest and that a 'No' vote would send a negative message to the international business community. His interview drew praise and criticism with some questioning if he had over-stepped his position, as Shanahan himself is gay.