Section 40, as drafted, applies the mandatory obligation to establish an audit committee to all public limited companies. In the case of public interest companies, the obligation which the legislation imposes is either that an audit committee be established by a private company, or by virtue of section 40(3)(b), to which a clearly technical amendment is being tabled by me in amendment No. 38, that they explain the reason they have decided not to establish such a committee. In the circumstances I am not prepared to accept the limitations inherent in amendment No. 32. However, in the light of various submissions and representations, I consider it necessary to make a number of minor adjustments to the text of subsection (2) as published. Amendment No. 33 will place an onus on a company to provide adequate resources for an audit committee to enable it to properly discharge its responsibilities. This is a reasonable requirement.