Vol. 511 No. 5
47 Mr. Broughan asked the Tánaiste and Minister for Enterprise, Trade and Employment if she will introduce legislation or regulations to compel publicly quoted Irish companies to disclose the emoluments and compensation of their directors as is the case in the United Kingdom; and the position of her discussions with the Irish Stock Exchange. [24812/99]
I met the president and chief executive of the Irish Stock Exchange on 1 November 1999 at their request, arising from the exchange's consultations with investors, listed public companies and other relevant bodies in relation to the disclosure of directors' pay and remuneration in such companies. The exchange proposed to me that individual disclosure be made for two persons, namely, for each chief executive and for the highest paid director, excluding the chief executive, while the pay and remuneration of the remaining directors would be disclosed in aggregate only. I was advised that full disclosure of directors' remuneration could damage the marketing of the exchange, if Irish requirements were too far ahead of its competitors.
It would be true to say that the exchange's views and mine remain divergent. I indicated to its representatives that full disclosure for 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 and listed companies show the remuneration packages paid to individual directors and I would prefer to see the exchange's rules on disclosure being revised voluntarily rather than being dealt with through legislation.
The exchange's representatives undertook to have the matter discussed again at a forthcoming meeting of the board of the exchange, and they will let me know the outcome at that stage.
