Feargal Quinn (Independent)

I move amendment No. 2:

In page 8, subsection (2), line 8, to delete paragraph (e) and substitute the following new paragraph:

"(e) the Institute of Directors;".

The authority is very heavily weighted in favour of the public sector and non-business members. With the exception of the two IBEC nominations, there is no place here for company directors, despite the fact that sections 26, 40 and 43 will have a very important impact on companies and their directors.

There are better solutions but my solution removes the Pensions Board, since its remit will be well covered by the Irish Association of Investment Managers and the Irish Stock Exchange. I also propose to remove the Revenue Commissioners and the Director of Corporate Enforcement, as both bodies have extensive powers of initiative and enforcement. They do not need to be involved in any further level of oversight in this area. In their place I propose membership and places for the Institute of Directors, though the IMI may be better, for Forfás, for the Small Firms Association and for ISME. The intention is that experienced company directors, executive and non-executive, be nominated by these boards. The Government amendment increases the number of accountant places, though two of those places should be filled by accountants who are not involved in audit practice but who are either executive finance directors or non-executive directors.

I move this amendment out of concern that this Bill will have serious implications for boards. It will make it very difficult for some boards to operate with the same degree of attention to ensuring their businesses survive. I therefore do not want to see a lack of balance among board members in the authority. I am not sure if my proposals are accurate or ideal but there are concerns about this and the Minister of State should accept the principle of my argument, even if he has difficulties with some of my suggestions.