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Dáil Éireann debate -
Tuesday, 23 Jan 1996

Vol. 460 No. 3

Written Answers. - Directors' Remuneration.

Thomas P. Broughan

Question:

504 Mr. Broughan asked the Minister for Enterprise and Employment if he will consider introducing legislation on the publication of directors' remuneration in publicly quoted companies along the lines recommended by the British Greenbury Report. [19181/95]

Disclosure of directors' remuneration had already been examined in an Irish context prior to the publication of the Greenbury Report in the UK. The Company Law Review Group, which submitted its report to the Minister of State, Deputy Rabbitte, examined the recommendation of the Ryan Commission and other proposals and recommended that legislation be introduced to require public limited companies to make, as a minimum requirement, the following disclosures: directors' remuneration comprising all fees, salaries, pension contributions and other benefits and emoluments paid to directors; aggregate figures for the performance element of the remuneration of executive directors stated separately and information on share option schemes including size of the scheme, number of options outstanding, number of options held by individual directors and the range of exercise prices and applicable dates.

The Minister is considering the Company Law Review Group recommendations, including a minority report on this question with a view to bringing forward amending legislation on a phased basis, on the topics covered in the group's report. Subsequent developments, such as the publication of the Greenbury Report in the UK, will naturally be taken into account. It should be noted that the Greenbury Report does not recommend legislation, but has proposed a code of best practice.

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