Seanad debates

Wednesday, 16 April 2003

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

 

If I am hot under the collar about this issues, it is because I believe that while legislation and a supervisory body are needed, as well as rules and regulations, we should not take the step that makes them so much tougher and more stringent than in any other country. If we do, it will mean that when any company considers setting up in Ireland, it will be warned that it will have to endure a regime tougher than anywhere else, a regime very difficult to adhere to. Every Irish company to whom the legislation applies, and I know of one, is competing in general terms with trading companies from outside the State, to whom as far as I know the legislation will not apply. Some Irish companies are in direct competition with such companies. Why then should we put in stipulations that are so much tougher, and a regime that will be so stringent and controlled that it will make it difficult to find anyone to take on the non-executive role?

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