Ms Maria Graham:

The Deputy made a couple of points that she wanted addressed on governance. The designated activity company under the Companies Act 2014 replaced what we used to refer to as limited companies. Many of our commercial State bodies are in that corporate form. Considering the general scheme, there are a couple of areas where that does not apply, or where we disapply it. An example concerns the accounts being given to the Comptroller and Auditor General. This involves a mix of the company law and the State governance aspect.

The Senator mentioned the objectives of the LDA and having regard to planning policy and other considerations. With regard to planning policy, the LDA is really a creature of the national planning framework. It has been set up to support the goal of compact growth and to deliver on the population requirements coming from the national planning framework. It will obviously be applying for planning permission and will have to be consistent with the policies set out by local authorities in the cascade that will come down from that.

The other element was contributing to economic and social development and competitiveness, in addition to making a financial return. It is about acting commercially with a conscience. The economic aspect and social development will both be taken into account.

The dividend authority for the profits that may accrue in the case of all commercial bodies is set down by the relevant Minister who, in this case, is the Minister for Public Expenditure and Reform. All dividends from State bodies accrue to the Exchequer. Dividend policy is usually set out in the shareholder expectation letters which are received by all such commercial bodies. The policy might state returns are not required at an early stage of a body's evolution, that the returns are to be reinvested, or it might set out a particular requirement. It is a long-term objective. I hope that addresses the issues raised.

The Department, with the LDA and the Housing Agency, is looking at all aspects of housing, including the cost rental model. There are definitions of affordable housing within statutes and regulations, as well as the wider concept of affordable housing. The 40% quota about which we are talking is not a statutory requirement; it is a decision the Government has made which applies to any public land being disposed of, even if the LDA is not looking after it. The definition of public lands is given at the beginning of the general scheme of the Bill.