Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

As we said, it is a governance issue. Men and women from the parent board will serve on the board of the Irish company. It principally applies to travel in the United States. It is important, particularly in the financial services industry, that there is very strong governance. This has inhibited companies, particularly in the US, appointing directors which is required under governance, so we are making a concession to them as an incentive. One can argue it is a good thing or a bad thing, but this is why we are doing it. It is confined to vouched expenses and it does not have the potential for abuse along the lines suggested by the Deputy. It is for board meetings, for which people fly in, have hotel expenses for one night or two and then fly back out. How often does a company meet? It would probably be ten or 11 times a year if one was a full attender.