Vol. 557 No. 4
307 Mr. Haughey asked the Minister for Communications, Marine and Natural Resources his role in relation to the Dublin Port Company, including the appointment of directors; his views on its financial situation; the consultations which are planned with the employees of the company arising out of this; and if he will make a statement on the matter. [22652/02]
My role in port companies as Minister and shareholder is prescribed by the Harbours Acts, 1996 and 2000. Under these Acts, each port company issues to the Minister fully paid-up shares in the share capital of the company equal in nominal value to the sum representing the value of the property transferred to the company on its vesting day. Subject to the Acts, I may exercise in respect of these shares all the rights and powers of a holder of such shares. The Acts also provide that the articles of association of a port company shall provide that the number of directors shall not be more than 12 persons each of whom shall be appointed by me with the consent of the Minister for Finance.
As with all State port companies, Dublin Port Company is obliged by Statute to operate on a strictly commercial basis and to conduct its business at all times cost effectively and efficiently. Since its formation as a port company in 1997, Dublin Port has published an annual report and financial statements in accordance with the Companies Acts. I am pleased to note that the company has been consistently profitable since its inception. I have requested the port company to forward a copy of the company's latest set of accounts to the Deputy for his information. As regards industrial relation matters, it is not the Minister-shareholder's function or responsibility to interfere in the day to day business of the port company and such matters are the remit of the board and management of the port company.
