Noel Dempsey (Meath, Fianna Fail)

A balance must be maintained in these situations. The only public servants at a similar level who must make disclosures that are open to public scrutiny are officials in, for example, An Bord Pleanála, who are involved in a process that should be open.

The directors will provide a public service and the State will avail of their expertise in the areas outlined in the Bill. A Deputy asked whether the Bill addresses adequately the matter of stockbrokers, but it would not be fair or reasonable to expect them to make public declarations of all their business before becoming directors of this State agency. It is sufficient that the CEO, directors and so on know that they must make declarations. The balance is correct.

The only business NORA is in is the buying and selling of stocks of oil. On what might constitute a conflict of interest, the case that comes to mind is that of a board member making decisions on where to buy or sell oil while being involved in the matter under consideration. While I would like the maximum amount of openness and transparency, a balance between persons' private business affairs and their provision of public service on a board must be maintained in this case. The CEO and the directors must make returns which, while not required to be made public, will be available if a question arises. Three out of the five employees of NORA make returns under the Ethics in Public Office Act 1995 so it is well covered as it stands.

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