asked the Minister for Finance (1) if the accounting, reporting and supervisory procedures in commercial semi-State bodies are to be revised in the light of the causes and effects of the Irish Shipping collapse; (2) whether these objectives can be secured without compromising the necessary degree of independence of action required by these bodies; and (3) if he will make a statement on the matter.
Ceisteanna—Questions. Oral Answers. - Commercial Semi-State Bodies.
20.
The Government had taken steps to improve the flow of information between Ministers and commercial State bodies before the liquidation of Irish Shipping Ltd. In 1983 the Government decided that those bodies should prepare corporate plans for a period of five years ahead which would enable their prospects to be examined, possible problems foreseen and their solutions examined, and performance to be monitored against plans. My Department called before Christmas 1984 for the first updating of these corporate plans. In 1983 my Department issued guidelines for the appraisal of public investment proposals.
A review of the form and content of the reports and accounts of the State bodies was initiated by my Department last year, again before the liquidation of Irish Shipping Ltd. Some conclusions have been drawn from the review. I will be considering these shortly.
Supervisory procedures within the commercial State bodies are matters for their boards and managements but I would expect boards and managements to review the effectiveness of these procedures regularly.
The remaining questions will appear on tomorrow's Order Paper.