Seanad debates
Wednesday, 16 April 2003
Companies (Auditing and Accounting) Bill 2003: Second Stage.
Let us consider foreign direct investment. We compete in this area with many other countries and we are now suddenly putting in place a regulatory regime that is more stringent than any that exists elsewhere. I really am horrified by the implications of this. Let us consider the position of multinational companies, particularly those big concerns operating in Ireland at present. They are going to have to find two non-executive directors who will be obliged to sign up for this. Where will they find them? I assume these people must be Irish – nobody outside the country will accept the stipulations that are required of them – and they will be obliged to sign a compliance statement that is tougher than those which must be completed in any other country of which I am aware.
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