asked the Minister for Industry, Commerce and Energy the criteria that are applied in selecting individuals to act as IDA nominee directors on the boards of grant-aided companies, or as directors similarly nominated by Fóir Teoranta.
Ceisteanna—Questions. Oral Answers. - IDA Nominee Directors.
35.
Nominee directors are selected by the IDA on the basis of the authority's assessment of their ability to contribute to the successful development of the enterprise in question All nominations are submitted for my prior approval. The nomination of directors by Fóir Teoranta is not a matter coming within my area of responsibility.
In view of the Ferenka case and the enormous amount of money lost and in view of the fact that we had a nominee on the board, although the Minister seems to have been in the dark about what was happening, would the Minister consider introducing some code of conduct whereby people who are worried in situations like this would have the right to come to the Department and to the Minister? Perhaps they have that right and do not use it.
The functions of nominee directors appointed by the IDA are as follows: To contribute as a director to the company's success, to submit to the IDA a half-yearly report and a review of the company's activities, and to maintain a close watch on the interests of the IDA and see that the project develops in accordance with the grant proposals accepted by the IDA.
Did the Minister investigate how the Ferenka situation arose when we had a nominee? Did the IDA know? Did the Minister know? Did the IDA inform the Minister and did the Minister make any attempt to find out what happened?
That is a specific question, and if the Deputy puts down a question I will see what information can be obtained. This question dealt with IDA nominations generally.
Does the Minister agree that this would be a desirable feature of any future nominee in such a situation, arising out of the disaster of Ferenka?
These are separate questions.
The nominee directors have responsibilities as I have outlined.
Does the Minister think that this is adequate in view of the Ferenka disaster and the fact that there was a Minister there who apparenly did not disclose the situation as it developed to the then Government? If he did disclose it, they did not disclose it to the public.