As part of IoD Ireland’s member profile series, we spoke with Paul Stapleton CDir about his 34-year career with ESB and his journey to the boardroom. He has held a number of roles including group treasurer, Electric Ireland, general manager, MD of Northern Ireland Electricity Networks and, most recently, executive director, Group Finance and Commercial.
“It’s one of the great things about ESB,” he says. “You can fulfil many different roles within what is a very large and diverse organisation.”
Its scale is vast, with over 10,000 employees and assets of almost €20 billion. “It’s a key cornerstone of the Irish energy industry with a significant presence in the United Kingdom. About 30 per cent of our activity is now in the UK, with a footprint across retail, infrastructure, energy trading and telecoms.”
Shaping a leadership style
Having joined as a business graduate in 1991, Stapleton qualified as an accountant while working with the organisation, progressing through roles that shaped his leadership style.
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“Managing familiar activity may feel easier but risks narrowing your focus. Leading in areas beyond your expertise requires a different style, trusting others, focusing on people and relationships, and drawing on their expertise. It’s a healthier way to lead.”
At group leadership level the change is greater. “You need to be more strategic, more focused on governance, and ensure things are done in the right way. It’s also about aligning with the purpose of the organisation. Why do we exist? What are we trying to achieve? You have to bring that wider perspective and avoid getting pulled into the day-to-day detail. We have very capable, committed people looking after that.”
Long-term strategy and governance
The ESB board must consider and balance multiple objectives while guided by clear purpose and values. “We currently invest about €2.5 billion per annum in infrastructure, up from €1 billion just a few years ago,” he notes. These investments are typically in large, long-term projects. “We’re looking decades ahead, navigating uncertainty by weighing risks and opportunities, meeting regulatory and licence obligations, addressing shareholder, customer and societal needs, and making disciplined decisions aligned with our long-term strategy.”
Commercial considerations remain central. “Our purpose is not to make money, but we have to make money to fulfil our purpose. As a semi-state provider of an essential service, we can’t just consider the commercial aspects. We must also do what’s best for customers, the wider economy, society, and the environment. A key part of our strategy is delivering energy that’s reliable, affordable, and ultimately clean and sustainable. We’ve set a net zero target by 2040, aligned with Government’s climate objectives, but we must achieve that in a balanced way.”
This balance between commercial imperatives and societal needs also shapes his engagement with IoD Ireland. “Directors today must be strategic but also grounded in purpose and governance,” he says, echoing IoD Ireland’s mission to support business leaders.
The complexities of the boardroom
He believes governance is becoming more complex and onerous. “We are living in a much more regulated world, particularly in Western Europe. Balancing commercial considerations with ESG and reporting requirements is a growing challenge.”
Artificial intelligence is another issue. “It’s already a major board topic and will become more so. Availing of opportunities while managing risks is tricky now and will only get trickier in the years ahead.”
Decarbonisation remains top of the agenda. “Low-carbon energy must be reliable and affordable — that’s the energy trilemma. Ireland faces the additional challenge of decarbonising while also catering for a growing economy and population. The energy transition is central to ESB’s priorities.”
A mix of measures will be needed to meet net zero. “We must maximise offshore and onshore wind and expand solar, but they’re intermittent. We need more storage, interconnection, and flexible demand solutions. Gas will remain part of the system for decades, but in time it should run on low-carbon fuels such as HVO or hydrogen.”
Engaging with IoD Ireland
He believes the IoD Chartered Director Programme has been a valuable support. “I first engaged with IoD in Northern Ireland and found it punched above its weight in influence. I joined the committee there and later completed the Chartered Director Programme, which really helped as I transitioned to board level. I’d recommend it to anyone considering a board role.
“When I returned to Dublin, it was natural to engage with IoD Ireland. They run interesting events, provide a strong network, and offer thought leadership on key issues.”
He also values IoD Ireland’s role in promoting high standards of corporate governance. “It gives directors the tools to meet those standards, which is particularly important at a time when governance in some parts of the world is being eroded by expedient leadership. Organisations like IoD Ireland are vital in promoting good governance, good leadership, and the right way of doing things.”
Advice and reflections
Looking back, the best advice he received was not to be defined by qualifications or past experience. “It’s about broadening your horizons. One manager told me to commit 100 per cent to your role but keep an open mind about the next one. It’s a simple but useful approach.”
And the advice he’d give his younger self? “As a leader, you achieve very little on your own. We are always reliant on others, both within and outside our organisations. The world is more complex now, and that interdependence has become even clearer.”
Closing thoughts
Paul Stapleton’s career is defined by adaptability, purpose-led leadership, and a focus on governance, values he shares with IoD Ireland. As he helps guide ESB through the energy transition, his journey illustrates how directors can balance commercial imperatives with societal responsibilities while remaining committed to the highest standards of leadership, something IoD Ireland champions for its members and the wider business community.
Membership of IoD Ireland helps to empower, inform and support its members by providing access to a network of pioneering directors. To learn more, visit the IoD Ireland website.
