Vol. 542 No. 6
116 Ms O'Sullivan asked the Minister for Finance if he will make a statement on the recently published revised code of practice for the governance of State bodies; and if, in particular, he will outline the expanded provisions on remuneration of chief executives and directors' fees. [25359/01]
The code of practice for the governance of State bodies was approved by Government on 2 October 2001. The Deputy will be aware that I issued a press statement on 4 October last announcing the issue of the revised code.
The code is an update, clarification and expansion of the 1992 guidelines. Commercial and non-commercial State bodies are required to implement the provisions of the code.
In relation to remuneration of chief executives and directors' fees, the code expands on the 1992 guidelines in the areas of the nature of contracts, performance-related pay and the publication of remuneration information in annual accounts. The code allows me to review the remuneration of chief executives periodically.
I expect that the revised code will help with the effective corporate governance of our State bodies.
