The Chairman and other members of the Board of Coillte are appointed by me, with the consent of the Minister for Public Expenditure and Reform in accordance with the Forestry Act 1988 as amended. As a State owned body, Coillte is subject to the Department of Finance ‘Code of Practice for the Governance of State Bodies' . In line with the Code, Board members are appointed to act on a fully informed basis, in good faith, with due diligence and care, and in the best interest of the State body, subject to the objectives set by Government. The Code of Practice states certain procedures that should be followed in relation to the Disposal of State Assets, the company’s compliance with which is affirmed to me annually by the Chairman of Coillte in accordance with Paragraph 18.8 of the Code. I understand that following the identification of property to be sold, which occurs primarily through approaches from third parties, there is an independent valuation done of the property in question. I am advised that valuations are done by professional auctioneers engaged by Coillte who have a panel of such valuers for this purpose, after which a reserve price is set. The company add that all sales are considered by a Property Sign-off Committee and that the Board is notified of all sales and has to give approval when sale price is over a certain level.