Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

In September 2011 the Government announced the establishment of the New Economy and Recovery Authority, NewERA, within the National Treasury Management Agency. NewERA has a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-state companies: the ESB, Bord Gáis Energy, EirGrid, Bord na Móna and Coillte. This role, based on the shareholder executive model already established in a number of developed economies, involves advising on activities such as capital expenditure plans, corporate strategy, acquisitions and disposals. NewERA is already working closely with the relevant Departments and companies in this regard. The shareholder executive approach is designed to provide the Government with a portfolio view of investment returns from the sector and a means of assessing the likely impact of commercial developments in the sector on long-term Government investment plans.

NewERA is also charged with assisting the development and implementation of Government plans for investment inenergy, water and next generationtelecommunications, with the long-term objective of employment creation and has commenced work with the relevant Departments in these areas. It is an important element of the Government’s strategy to promote economic growth and create jobs.

Officials of my Department are liaising with the National Treasury Management Agency in preparing proposals for legislation to put NewERA on a statutory footing. I expect to bring forward these proposals as soon as possible once that work is completed.

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