Vol. 487 No. 4
66 Mr. O'Shea asked the Tánaiste and Minister for Enterprise, Trade and Employment when the EU company statute will be introduced; and if her Department is preparing the necessary statutory instrument to implement the EU legislation. [4109/98]
I understand that under the EU Commission's action plan for completion for the internal market the European Company Statute is scheduled for adoption by the first day of January 1999. I also understand that the UK Presidency has made the statute a key priority, during its term.
I am informed that the main stumbling block to the adoption of the statute regulation relates to the worker involvement provisions, which would apply to a statute company in a separate, but linked "horizontal" measure. Efforts at resolving these problems have been under consideration for some time, by the social questions group of the social affairs council and I understand that the UK Presidency is seeking to build on progress made by the outgoing Luxembourg Presidency in an attempt to reach agreement on the measure at the social questions group, where discussions are ongoing.
The UK Presidency also proposes to have parallel discussions in the internal market council, with a view to advancing the outstanding company law issues in relation to the draft regulation. The Presidency's hope is that significant progress can be made in relation to the worker related issues before the discussion on outstanding company law issues commences at the internal market council. It is too early to say if agreement will be reached on the statute by the end of the UK Presidency.
In the circumstances, the Deputy will appreciate that preparation of the necessary implementing instruments here cannot be undertaken until the statute itself and associated worker involvement measures are adopted.
