Stephen Donnelly (Wicklow, Fianna Fail)
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In that case, the minimum number is seven. This seems peculiar. One of the core functions of the audit committee is to provide financial advice to the board, including on activities of the board. If three of the seven members of the audit committee are drawn from the board, is there not a conflict of interest or at least a lack of independent oversight given that it would only require one of the other four members to side with the board members on an issue? It does not feel sufficiently independent and removed. Is the Minister of State saying that the audit committees of other State bodies, for example, the National Transport Authority, would also have three members drawn from the board of the body in question? Is that the Department of Public Expenditure and Reform guideline?