Vol. 511 No. 6
63 Proinsias De Rossa asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress, if any, made at her meeting on 1 November 1999 with representatives of the Irish Stock Exchange regarding the disclosure of remuneration of directors of public companies; and if she will make a statement on the matter. [25021/99]
86 Mr. Connaughton asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress, if any, she has made on requiring company directors to make public their directors' fees to the shareholders; and if she will make a statement on the matter. [25065/99]
117 Mrs. Owen asked the Tánaiste and Minister for Enterprise, Trade and Employment the progress, if any, she has made on requiring company directors to make public their directors' fees to the shareholders; and if she will make a statement on the matter. [25104/99]
I propose to take Questions Nos. 63, 86 and 117 together.
I am pleased to report that at its meeting on Friday, 26 November last, the board of the Irish Stock Exchange decided to introduce immediately a new rule for listed companies which will require the disclosure of individual directors' remuneration with effect from accounting periods beginning on or after 1 January 2000. This means that this information will require to be disclosed in the annual reports of listed companies publishable in 2001 and beyond. However, I hope that many listed companies will now decide to include the new information in their 1999 annual reports which will be published next year.
I welcome the exchange's decision as a contribution to greater openness and transparency in Irish corporate life. The positive response of the exchange vindicates my decision to seek, through negotiation, voluntary change on this important issue for investors in Irish quoted companies.
