From 1994 to 1999, Mr Toner was the inaugural chairman of Forfás, a state body set up following the Culliton report to better co-ordinate industrial policy at a time of high unemployment and major economic strain.
Under his tenure, Forfás championed the idea of a single corporate tax rate for domestic and export-oriented firms that led to the creation of what is now the 12.5pc tax rate and which became a key element in Irish industrial growth over the past two decades.
During his term, Forfás also established the Information Society Commission, the Irish Council for Science, Technology and Innovation, and the Expert Group on Future Skills.
Before that appointment, the Kildare native held a range of senior positions in both the public and private sectors during his working career.
He began his working life at CIE before moving to increasingly senior roles at AIB , the Brookes Watson Group, now known as BWG, as well as Irish Distillers.
He was chairman at different times of Arnotts, Irish Ferries and Tullow Oil.
As an ex-president of the Federated Union of Employers, he helped create the Irish Business and Employers Confederation (Ibec) through a merger with the Confederation of Irish Industry.
He also served as a member of the National Economic and Social Council, which advises the taoiseach and government of the day on strategic economic policy issues.
Ibec CEO Danny McCoy said he was a highly respected figure in Irish business and public service.
“As the inaugural chairman of Forfás, Tom was a transformative leader during a period of significant change in industrial policy,” Mr McCoy said.
Mr Toner died on October 26 in the care of doctors, nurses and staff of St Vincent’s Private Hospital. He was predeceased by his late wife Audre and is survived by his children, grandchildren and wider family, friends and former colleagues.
His funeral mass will take place today at 10am at St Mary’s Church, Haddington Road, in Dublin 4.
