Oireachtas Joint and Select Committees

Wednesday, 19 December 2012

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Role and Contribution of Public Interest Directors in Financial Institutions: Discussion with Permanent TSB

3:30 pm

Mr. Ray MacSharry:

I share that concern because we do not have the opportunity to speak publicly about board meetings. The system is there and company law governs that system. If the law were to be changed to enable public interest directors to carry out certain functions, we would be glad to do whatever we would be asked to do under the law. I understand and appreciate fully what the Deputy said about the public not being in a position to know what any of the directors are doing other than when the chairman takes that responsibility at the annual general meeting or when communications with the Minister or the shareholders are done by the chairman and the chief executive officer over the Central Bank, the European Central Bank or the troika.

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