I am aware of the Confederation of Irish Industry's proposal to draw up a code of business ethics. Limited liability companies are the primary medium through which commercial activities are conducted in Ireland and over the years a detailed and comprehensive company law framework has been put in place. The most recent addition to the framework, the Companies Act, 1990, represents the culmination of the most fundamental review of Irish company law for decades. The Bill that preceded it received lengthy and painstaking consideration in the Oireachtas.
I am satisfied that this expanded body of company legislation, breach of which is subject to appropriate sanctions, goes as far as it is necessary in statute law. I see no objection, however, to the CII promoting a code of business ethics where they feel such a development will benefit their members and the public. However, I do not consider specific legislation in this regard to be necessary.