Vol. 506 No. 5
72 Mr. M. Higgins asked the Tánaiste and Minister for Enterprise, Trade and Employment if she has met the Stock Exchange to discuss the issue of the detailed disclosure of the remuneration of directors of public companies; if she will introduce legislation to deal with the matter; and if she will make a statement on the matter. [15835/99]
I met the president and chief executive of the Stock Exchange on 27 May last. The disclosure of directors pay and remuneration in listed companies was one of the subjects we discussed. I have indicated to them that full disclosure of remuneration of each named director is a desirable development. It is in the best interests of all the members of a company that the annual reports of Irish registered Irish listed companies show the individual remuneration packages paid to directors. I have already indicated that I would prefer to see the Stock Exchange's rules on disclosure in the area being revised voluntarily rather than dealing with it through legislation.
The exchange has informed me that it is currently engaged in assessing responses from investors, companies and other relevant bodies concerning the disclosure of directors pay and remuneration. Following this consultation process, I have agreed to meet the exchange in the early autumn to progress the matter.
