Mary Mitchell O'Connor (Dún Laoghaire, Fine Gael) | Oireachtas source

I move amendment No. 20:

In page 28, line 23, to delete "for any reason".

The section largely re-enacts the existing provisions of section 306 of the Companies Act 2014. Section 306 relates to the provisions on disclosure of directors' pay. The Bill replaces that section in its entirely rather than just amending it for two reasons. First, it allows us to update the title of the section in order that it refers to the new section 305A. This is a useful clarification for people using the Companies Acts. Second, it inserts references to the new section throughout the section. The new section will be inserted by section 27. The intention was not to change the substance of the existing section 306 in any way. However, the words "for any reason" were added to the text. This could introduce a lack of clarity regarding what companies have to disclose. It would also be too sweeping. For example, a son or daughter of a director of a large chain of shops might have a summer job in one of the branches. If these words were not deleted, companies would be required to disclose the salaries paid to the son or daughter. This would be a burden on companies and is not justified in such circumstances.