I have publicly stated my views on the issue of disclosure of directors' pay and remuneration. I believe that at a time of increasing globalisation of our capital markets, maximum accountability and transparency are essential in order to ensure investor confidence both nationally and internationally. The Stock Exchange only requires disclosure of directors' remuneration on an aggregate basis. I believe that full disclosure of remuneration of each named director is a desirable development and is not unusual in other jurisdictions. It is in the best interests of all the members of a company that the annual reports of Irish registered Irish listed companies should show the individual remuneration packages paid to directors.
I have already said that I would prefer to see the Stock Exchange's rules on disclosure of directors' pay being revised voluntarily. The Stock Exchange has acknowledged that its rules on disclosure must be reviewed with possible consequential changes. While I welcome this, I wish to see positive action taken on this matter by the Stock Exchange within the next month or so. I will be meeting with the Stock Exchange towards the end of this month to discuss the matter. If necessary, however, I am prepared to use the statutory route in the context of ongoing com pany law reform in order to secure progress on this issue.