Brendan Smith (Cavan-Monaghan, Fianna Fail)

I do not accept the Deputy's contention. The chairman of the Irish National Stud has assured me that the company has in the past and will continue in the future to comply with the code of practice for the governance of State bodies. I emphasised the continuing need for the company to ensure it fully complies with all corporate governance requirements. The chairman and the newly appointed chief executive officer have assured me this will continue to be done. I have also sought a report on the financial position of the company and the chairman has indicated it will be provided shortly. Both the chief executive officer and the chief financial officer were appointed relatively recently. That work was done outside the house by an accounting firm. Recently, on foot of a suggestion I made in view of the new 2009 corporate governance criterion that the audit committee should include a person from outside the board, an eminent external person has been appointed to that position.

Deputy Creed rightly made the point that the Irish National Stud is a body of international repute. It is a small player with a huge international reputation and is a vital component of our important bloodstock industry. It attracts up to 150,000 visitors to Kildare each year and is a useful training school for young people entering the equine industry. We are fortunate to have as chairman a person who is a breeder of international repute whose family also has a notable stud in Normandy. The chairman has trained horses that are well known internationally and have had great success.

The board comprises people of specialist expertise in different areas of the bloodstock and equine industry as well as those with specialist expertise in the financial area. As the Deputy acknowledged, the two newest appointees are a person who has done extremely valuable work in the Irish dairy industry and a person who is a renowned trainer. In the coming weeks, before the end of June, I will be making four new appointments which will include those with expertise in the bloodstock industry and persons with expertise in finance and law.

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