Brendan Howlin (Wexford, Labour)

The Minister of State may need another right to reply. This is a technical Bill, which I have no difficulty in supporting, but I agree strongly with Deputy Hogan that had it been introduced as an investment funds Bill to deal with the directive, it would have been acceptable to address our requirements under the directive. The Minister of State added on a companies — miscellaneous provisions — Bill and made modest amendments to company law, particularly the 1964 Act, but the impression was created that an opportunity had been presented to do something in the area of company law, which is crying out to be addressed.

Deputy Hogan mentioned the consumer area. We began our detailed discussion with the consumer strategy group this week at the Joint Committee on Enterprise and Small Business. None of us left the meeting enthusiastic that the focus of the group was in the best interest of the proper balanced development of our country. The globalisation agenda is narrow and issues such as regional development, spatial planning, the core of towns and access of the vulnerable to commercial activity and so on should be included. None of these issues is one-dimensional and the Minister of State, Deputy Michael Ahern, would have a great deal of sympathy with this argument.

However, Ireland, which is a vulnerable economy because it is open and needs to be extremely competitive, has slipped in the competitive stakes in the past two annual assessments. We should not be complacent if we are to maintain the prosperity of the past decade. Last night, reference was made to the decline in manufacturing jobs and the increasing dependence on the service sector, to which we should be alert. High value jobs are needed. During the Reagan era, 1 million new jobs were created but one US citizen said, "I know Ronald Reagan created 1 million new jobs, but I have to have three of them to live." It must be ensured new jobs are high value. The framework of company law must be conducive to flexibility, competitiveness and high standards. Recently we passed health and safety legislation to ensure people are safe at work.

If we are to drive the Lisbon Agenda and provide flexibility in company law, particularly for small and medium sized companies, which are increasingly becoming the bedrock of indigenous employment in the manufacturing sector, we need to constantly update and revise legislation, not by putting an ever heavier hand on enterprise but with a light touch that will safeguard the interests of workers and ensure people in this economy can compete with the best elsewhere.

I agree with Deputy Hogan. Parliamentary time is difficult to secure, as the Minister for Justice, Equality and Law Reform knows. When important legislation from his Department went through the House last night only a fraction of the amendments to the Bill had been debated. Given that parliamentary time is a scarce commodity, when there is an opportunity such as today to consider important changes in company law in a calm atmosphere it is a pity there was not a more substantial Bill before us.

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