Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I am completely opposed to this amendment. It is coming from the Institute of Directors in Ireland, IoD, which has been peddling this idea for quite a while and now it has been proposed by Deputy McGrath. I would fall into the category of Ciarán Hancock's view on this; the Government should tell this group of elites to take a hike. Hancock's article has given us examples of some of the individuals who would benefit from this measure. The presentation put forward by Deputy McGrath speaks about people going to their groups and giving of their experience, but what the Deputy fails to mention is that many of these non-executive directors are actually doing so with large remuneration. Ciarán Hancock's article in The Irish Timestalks about one council member of the IoD as a non-executive director of Cement Roadstone Holdings, CRH who receives a fee of €78,000 per year plus €54,000 for serving as a member on two board committees. It goes on to say that this person also serves on another board as a non-executive director, a foreign board, and receives a fee of £45,000 per year and serves on a further board which paid her $55,000 in addition to $25,000 for serving on two board committees. Other studies which have been done in the past, and particularly those from when we looked at the banking scenario, show that non-executive directors tend to be non-executive directors on a number of boards. It is not unique to see a non-executive director on multiple boards. This happens particularly with senior level business people and they are remunerated for that but the Government is considering bringing an amendment which would actually give them a tax relief for travelling to and from these board meetings, when they are paid handsomely on many of those boards. Deputy Stephen S. Donnelly has put forward an argument that people are doing this of their own free will and for no remuneration, which is a separate issue. That, however, is not what the Institute of Directors in Ireland has put forward. The institute is looking for this measure to be treated the same as it is for foreign non-executive directors. If this proposal comes forward from Government it would not have the support of Sinn Féin. The Minister should think wisely with regard to this type of proposal or the type of limits that are being suggested in the amendment and from the IoD council.