David Cullinane (Waterford, Sinn Fein) | Oireachtas source

I want to be clear to the witnesses because I am at pains to point this out, with respect to the Chairman. Regarding the issue of intellectual property, spin-outs and so on, I completely understand the need to incentivise researchers to engage in the commercialisation of intellectual property and the benefits of same to the institute and to the regions in terms of jobs. At no point in any of the meetings have I alleged or would I allege any wrongdoing by any individual. However, there is a need to make sure the systems, processes and policies in place are robust enough to protect the institution at all times.

I do not know whether the comptroller is aware of the figures, but it seems to me from the records I have that, in respect of one of the spin-out companies, FeedHenry, which was sold for €64 million, the institutes started off with a shareholding of approximately 10% and ended up with a shareholding of approximately 2% or 3% and that individuals working for the institute ended up getting more personally than the institute itself. On examining the policy, it seems to suggest that the institute should have a minimum of a 15% shareholding. All I am saying is that in all these circumstances we must make sure, especially if we are being presented with the information ourselves, that in respect of all the revenue streams of an institute with a serious deficit, which is of concern to the HEA, the institute's interest is being protected at all times. That is my only concern. I ask the witnesses to take those points on board, and I will leave it at that.