Oireachtas Joint and Select Committees

Thursday, 23 March 2023

Public Accounts Committee

2021 Financial Statements of Enterprise Ireland: Discussion

9:30 am

Mr. Kevin Sherry:

I will explain how we operate. Prior to making an investment, we undertake commercial and financial due diligence and, where it is a technology company, technical due diligence. That includes a market assessment.

That due diligence, by the way, would take place irrespective of whether we were making an equity investment or providing another type of funding support, for example, a capital grant or employment grant support to a company. We have requirements under our shareholders agreement and our branch agreements for specific information from a company. Those would include financial information and regular accounts from the company. As part of our due diligence, we also look at the adequacy of the board of management of a company. That is part of our assessment prior to making an investment. It is the responsibility of-----