Seanad debates

Wednesday, 16 April 2003

Companies (Auditing and Accounting) Bill 2003: Second Stage.

 

The foreign companies in Ireland will incur heavier costs than other companies in other EU countries and Ireland will be at a huge disadvantage. I am thinking of foreign direct investment, but also of Irish companies like my own. In the ten years I have been in this House I have never talked about my own company. We compete with foreign companies in Ireland. They will not have to comply with the stipulation at issue. Irish companies will have to find directors willing to sign up to compliance, people who have not worked in the company during the previous five years, people who will have to be paid large sums of money. The company must then find consultants to put those people's minds at rest before they sign up.

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