I note the point the Chairman made on the statement I forwarded to the committee. I thank the members of the committee for the opportunity to meet them today. The essential messages in the statement I submitted related to ports policy generally, which is a key issue for us. A clear ports policy statement has been published. However, given the passage of time it is now timely to review it. Much of what was recommended or considered in that policy has been introduced, most recently through the Harbours (Amendment) Act 2009, which introduced a number of elements in terms of boards and other elements relating to the port companies. The Act also underpinned the commercial ethos of the sector by providing greater flexibility in borrowing funds and also allowing investment outside their harbour limits. Our expectation is that we would review the ports policy in its entirety next year. We will start that process in 2010.
The other main issue at the moment relates to capacity. It is clearly critical that the country has capacity to trade. That issue has been kept under constant review within the Department and most recently in the NDP study that reviewed capacity issues. That will continue to be something we will review in the years ahead. The immediately presenting capacity restraints have been affected by the economic changes, but it is still an issue that needs to be considered. My written submission refers to estimated capital expenditure of €75 million across the ports in 2009. The most recent outturn suggests a figure in the order of €50 million.
Corporate governance is an issue of concern for the committee and the Department. The present economic conditions challenge greatly all sectors of the economy. The public sector commercial companies face particular challenges and are under closer scrutiny than ever before. Standards of corporate governance across the private and public sectors are being questioned. This makes it all the more important that public bodies show leadership by displaying best practice in corporate governance. Such best practice is outlined in the Code of Practice for the Governance of State Bodies and this has recently been updated to present a more coherent document. That answers the issues raised by the committee on the governance of the bodies.
Patterns of full compliance with the provisions of the code of practice have been inconsistent with regard to the port companies. In November of last year, the Minister for Transport, Deputy Dempsey, established new procedures for strengthening existing governance arrangements and improving communications and the relationships between the bodies and the Department. The arrangement was put on a clearer footing. An important element of the new procedures is the development of a more formal structure for corporate governance meetings, at both ministerial and official levels, with the port companies. The meetings that have taken place this year have been very useful and constructive with regard to corporate governance issues generally.
On harbours in general, there is ongoing rationalisation. We have made good progress on this over recent years. There are six harbours we will be considering during the course of 2010 with a view to progressing the projects.
Maritime transport issues concern a range of Departments. There are issues of common interest involving our Department and its equivalent in Northern Ireland. There is very good co-operation between Departments and with the Northern Ireland authorities on these issues.
The sector has made enormous strides since the corporatisation of the companies in 1996. The recent enactment of the Harbours (Amendment) Act will further enhance the commercial nature of the companies by recognising the centrality of the public interest, as represented by the shareholder.
