Seanad debates
Wednesday, 16 April 2003
Companies (Auditing and Accounting) Bill 2003: Second Stage.
Directors are supposed to give certificates of compliance. I presume this means that directors will act as a group and not as individuals. I get uneasy in church when people say: "We believe." I am prepared to confirm what I believe, but how do I know what other people believe? There is a danger that if one spreads responsibility around to a lot of people, one diffuses authority. I was an accounting officer in a department and knew what I had to do, namely, to set up systems and to see that the work was done. That is the most anyone can ask and it is the responsibility of the chief executive and the others, including non-executive directors, to see that that is carried out. Anything that makes this more discouraging or frightening is regrettable and the Minister of State should examine this, particularly in the case of companies that have subsidiaries all over the place.
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