asked the Minister for Finance whether he is aware if any company of which he is a shareholder has caused a subsidiary company of it to be incorporated, of which it holds a majority of the capital carrying voting rights; and if he will state the total remuneration of each of the directors both from the parent company and the subsidiary company.
Ceisteanna—Questions. Oral Answers. - Incorporation of Subsidiary Company: Director' Fees.
13.
Aer Lingus is the original subsidiary of Aer-Rianta. The incorporation of Aerlínte Éireann was handled by Aer-Rianta Teoranta of which the Minister for Finance is a shareholder. The directors of Aerlínte receive no remuneration. The Chairman of Aer-Rianta, who is also Chairman of Aer Lingus, receives a total of £1,500 per annum. The other directors of Aer-Rianta and Aer Lingus each get a total of £500 per annum.
I am also aware that the Irish Assurance Company, Limited has caused a subsidiary of it to be incorporated as an administrative arrangement for dealing with a particular branch of the Company's investments. The remuneration payable to the Chairman of the parent company is £800 per annum and to each of the other directors is £500 per annum. I have no functions in regard to the appointment or remuneration, if any, of the directors of the subsidiary company referred to.
Does the Minister not think it improper that the directors of a State-sponsored company should incorporate a subsidiary and arrange for themselves to be paid fees by that subsidiary, in respect of which no information is made available to him?
Perhaps the Tánaiste would help us, instead of helping the Taoiseach or the Minister for Finance.
I am asking for information.
I saw you were getting plenty of it.
Order.
It does not redound to the Deputy's credit.
The Minister should not be whispering.
Keep your diseased mind quiet.
The Minister is supposed to be good now under the "new look" procedure.