Dáil Éireann Debate, Tuesday - 30 May 2023
128. Deputy Eoin Ó Broin asked the Minister for the Environment, Climate and Communications the parliamentary oversight processes for the collection and allocation of revenue from dividends from commercial State bodies such as NewERA designated bodies. [25569/23]
View answerIn relation to An Post, while there is a statutory basis for the payment of dividends to the Exchequer by the company, there has been no dividend paid. Were any dividend to be paid it would be a matter for the Minister for Public Expenditure, NDP Delivery and Reform, to determine how the revenue from any such dividend would be allocated.
It would be a matter for the Board to determine at their discretion in any year whether a dividend should be declared when, in their opinion, the profits of the company justify such payment.
Any decision by the Board of the Commercial Semi State Bodies regarding declaration of a dividend is agreed jointly between the Body, my Department and the Department of Public Expenditure, NDP Delivery and Reform (DPENDR). This is because dividends are not voted expenditure and so do not fall within the Estimates or Revised Estimates process.
Additional detail may be found in the relevant Annual Report and Accounts as published by the Companies.
My Department does not have a role in the allocation of the dividend. The dividend is paid by the State Body directly to the exchequer, and the Department of Public Expenditure, NDP Delivery and Reform has responsibility for its allocation.
|
Body |
Dividend Policy |
Dividend Paid Directly to Exchequer (Y/N) |
|
Bord na Móna |
Dividends are paid out based on State shareholding. The dividend target is based on 30% of adjusted profits after tax. |
Y |
|
Eirgrid |
Current dividend policy is for a fixed €4m annual dividend payment. |
Y |
|
ESB |
Dividends are paid out based on State shareholding.The dividend target is based on 40% of adjusted profits after tax. |
Y |
