asked the Minister for Finance if he will state (a) the number of Government nominees on the board of directors of the Irish Assurance Company, Limited; (b) the number of vacancies on the board; (c) the number of non-nationals employed in a managerial capacity in the company, and the aggregate amount of their salaries and emoluments therefrom.
Ceisteanna — Questions. Oral Answers. - Directors of Irish Assurance Company.
There are no Government nominees on the board of directors of the Irish Assurance Company, Limited, and there are at present no vacancies on the board.
The records of the company do not disclose the nationality of its employees and, accordingly, no information is available as to the number of non-nationals (if any) employed in any capacity in the company or as to their aggregate salaries and emoluments.
I want to emphasise that there are no Government nominees but that the Minister for Finance holds by far the greatest portion of the shares and would be in a position to appoint to the board.
Is it not a fact that the existing directors were appointed by the then Minister for Finance?
No. They were appointed by the shareholders. The Minister for Finance holds £450,000 worth of shares out of £500,000 and, therefore, the Minister for Finance can make his point of view effective. Some of the directors at any rate retire year by year. I do not think there has been any change in the position of the board since 1948, except that the number has been lessened by one owing to the death of the late Mr. Caffrey.
Is it not a fact that there are two vacancies on the board and two directors due to retire within three months?
No. The articles say that the number shall not be less than two or more than nine, according to what the company determine. The company have never yet determined what the number should be. The company could determine that the directors would be up to the number of nine, but they have not so determined. There are only five at present.