Seanad debates

Wednesday, 16 April 2003

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

 

The intention is that the executive of the supervisory authority will have the requisite expertise to carry out all of the functions assigned to the authority. Bearing in mind that some of the duties of the board will be delegated to sub-committees of the board, there may, nonetheless, be grounds for considering the possibility of greater representation on the board of members of prescribed accountancy bodies and the appointment of experts to sub-committees where deemed necessary. Moreover, to secure the independence of the supervisory authority, the members of the body, unlike the position in a normal company, are not permitted to instruct directors in the discharge of their duties as directors of the authority. The term of office of a director will be not less than three years and not more than five years and it will be possible to re-appoint directors.

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