Dáil Éireann debate -
Wednesday, 24 Mar 1999

Vol. 502 No. 4

Written Answers. - Directors' Remuneration.

Michael D'Arcy

Question:

45 Mr. D'Arcy asked the Tánaiste and Minister for Enterprise, Trade and Employment the response, if any, she has received from the Stock Exchange and the Institute of Directors following the call to them to disclose directors' remunerations; and if she will make a statement on the matter. [8355/99]

Derek McDowell

Question:

63 Mr. McDowell asked the Tánaiste and Minister for Enterprise, Trade and Employment the plans, if any, she has to introduce legislation to compel detailed disclosure of directors' remuneration of public companies; and if she will make a statement on the matter. [8321/99]

Nora Owen

Question:

79 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the response, if any, she has received from the Stock Exchange and the Institute of Directors following her call to them to disclose directors' remunerations; and if she will make a statement on the matter. [8470/99]

Tánaiste and Minister for Enterprise, Trade and Employment (Ms Harney)

I propose to take Questions Nos. 45, 63 and 79 together.

I am of the view that there should be greater transparency in the affairs of those companies listed on the Stock Exchange. Recently I indicated that the remuneration of individual directors, both executive and non-executive, should be disclosed in respect of quoted companies. I did so on the basis that this action would be in the best interest of all members of a company. Appropriate decisions can only be taken by shareholders with knowledge of critical information, which includes the remuneration level of its directors.

Since making that statement the Institute of Directors have sought a meeting with me to put their point of view. I expect to meet them shortly. The Stock Exchange has indicated to me that it is considering the new Irish Association of Investment Managers guidelines on corporate governance and incentivisation schemes. I am not yet aware of the outcome of its deliberations.

I am hopeful that this issue can be addressed on a voluntary basis. If not, I am prepared to consider introducing legislation to require disclosure of the remuneration of individual directors.