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

I refer the Deputy to the core activities of NewERA such as undertaking a centralised shareholder advisory role from a financial and commercial perspective in respect of corporate governance matters for five commercial semi-State companies, namely, the ones mentioned. NewERA provides advice for Departments on a range of financial activities in these commercial State companies, including on investment proposals, corporate plans, capital expenditure projects, financial statements, funding proposals and other items, as stipulated under relevant legislation and the code of practice for the governance of State bodies. It has also engaged with organisations with a similar purpose, commonly called shareholder executives, responsible for the oversight of state owned companies in the United Kingdom, France, Sweden, Norway and New Zealand, using the output of these discussions and taking account of EU rules on unbundling and existing OECD guidelines in this area in the establishment of a shareholder executive, which would be appropriate in the Irish legislative environment to reflect global best practices. This shareholder executive approach would provide the Government with a portfolio view of its assets and the investment returns on them. NewERA is also assisting, from a financial perspective, in the development and implementation of the Government plans for investment in energy, water and next generation telecommunications projects.

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