Dáil debates

Thursday, 12 November 2009

National Asset Management Agency Bill 2009: From the Seanad

 

1:00 pm

Photo of Martin ManserghMartin Mansergh (Tipperary South, Fianna Fail)

Amendment No. 5 proposes that the board of the National Asset Management Agency establish a fourth committee, the finance committee, along with the three committees already envisaged in the Bill, namely, the audit, credit and risk management committees, respectively. Amendments Nos. 4 and 6 are consequential amendments.

During the Seanad debates, the Minister listened to arguments that the finance committee should be put on a statutory basis and was convinced by the arguments made. The role of a finance committee is to oversee the financial affairs of a company and review and make recommendations to the board about the financial affairs and policies of the company in question. The finance committee should help the board focus on fiduciary duties, recommend financial policies, help develop and review the budget, take the first look at financial statements, etc. Given the responsibility that will rest on the board of NAMA and the scale of the assets being transferred to the agency, it is a good idea that such a committee should be established by the board. For this reason, the Minister accepted the proposed amendments.

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