Noel Dempsey (Meath, Fianna Fail)

I do not propose to accept any of these amendments. As Deputy Broughan stated, I can understand the spirit in which the amendments were tabled. If, as he also pointed out, we were to accept any or all of these amendments, Dáil Éireann's time would be spent trying to make commercial decisions for NORA. I do not know why we would single out NORA as the only agency where this should occur but if we go down this route of corporate governance, the logic would be that we should do the same for An Post, the ESB, RTE etc. If we go down that route, we will end up spending most of our time here, with no significant expertise in the day-to-day running of such organisations, trying to make commercial decisions for them.

Amendment No. 3 relates to the Dáil deciding on the NORA share transfer day. The Dáil is deciding in the Bill that there will be a company and a share transfer. The Dáil need not then be the body that decides when that will occur and it is better to leave it to the company to decide to finalise a proper share transfer day.

Amendments Nos. 17 and 19 to 21, inclusive, relate to commercial decisions for the company. It would be ridiculous, either in this Chamber or in committee, to oblige a company to come and be second-guessed by people like ourselves who would not necessarily know, and should not be expected to know, the details of NORA's commercial contracts, joint ventures, approving the sale of oil or property, or commercial agreements. The company employs a chief executive and will have a board, and legal, financial and other advisers, for all these matters. If we were to decide to take over and start making decisions on those matters, apart altogether from our lack of expertise, can the Deputies imagine the amount of time that would be involved? I am sure every Member of this House would be capable of reading all the legal, accountancy and other advice and eventually making a decision on it, but it does not make much sense that we would go down that route.

There would be a validity in general terms to amendment No. 22, which would ensure that the Dáil would approve the assignment of any additional functions to NORA, if the legislation allowed the company to take on functions other than the core function of stockholding, but this is circumscribed in the legislation. The legislation makes it clear that the sole function of NORA is stockholding. In this case the assignment of additional functions to NORA is prescribed in the Bill and can only relate to stockholding. There is no need for such Dáil approval. NORA cannot go down the route of oil exploration, as perhaps Deputy Broughan suggested. If we decide to go down that route at some stage, that will be a matter for separate legislation.

Amendments Nos. 24 and 25 relate to commercial matters also. These are internal matters for NORA, not ones with which we should become involved. As Deputy Broughan appeared to agree, it would be unnecessary interference in the day-to-day running of a semi-State company which we are establishing.

Previously, we discussed amendment No. 28 which relates to approving board appointments. There is nothing to stop anybody in this country submitting a CV to any Minister and stating that he or she is interested in membership of a board or boards. It happens, although not too often.

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