asked the Minister for Industry and Commerce if he intends to introduce legislation to amend company law to ensure that, in future, when companies are registered the names of all those who have an ante hoc or post hoc interest in the company will be disclosed to the public.
Ceisteanna—Questions. Oral Answers. - Company Law.
31.
There are certain aspects of company law, including the disclosure of interests, which need reconsideration. I am referring to the Law Reform Commission for examination various matters related to companies legislation and when they report to me I will consider what amendments of the existing law generally may be desirable.
Can the Minister say whether the matters he proposes to refer to the Law Reform Commission include the matter raised in this question? In other words, is the question of the disclosure of interests a specific matter that is being referred to the commission?
Specifically, yes.
Would the Minister not agree that this is a very important matter in view of international involvement in our industry and mineral resources?
It takes on a new relevance in the context of our mineral and natural resources development but given an awareness of the existing situation and with some shrewdness and forethought, I think we can avoid making mistakes through the existence of the present possibilities for secrecy in regard to interests. While I am not satisfied with the existing law—we are well aware of a weakness in it—we must be very alert so as to ensure that the current weaknesses are not misused.