asked the Minister for Finance the powers and responsibilities which rest with him in relation to the Irish Life Assurance Company, in which his Department are the biggest shareholder; the past occasions when Ministers for Finance have used their influence on Irish Life to ensure that the company's actions and management structures were acceptable to the Government; and if he regards the present policies of Irish Life in office block development in the inner city as a desirable way to develop the area.
Written Answers. - Irish Life Assurance Company.
168.
The powers and responsibilities of the Minister for Finance in relation to the Irish Life Assurance Company Limited are those of a shareholder in accordance with the Companies Act and the Company's Memorandum and Articles of Association. The management of the company's affairs, including decisions on investment, are functions of the board of directors, who conduct the business of the company in the interests of policyholders and shareholders and subject to compliance with the Companies Act and the Insurance Acts.
The Minister for Finance would not normally intervene in the business of the board but there is continuing contact on issues of policy. It would be contrary to established practice to disclose details of such contacts with a particular company.
The development of the inner city is the responsibility of Dublin Corporation. Developments undertaken by Irish Life in the area have met with the approval of the corporation as the planning authority.