Michael Ahern (Cork East, Fianna Fail)

Private companies do not have to set up audit committees and it would not be best practice to amend the composition and terms of reference for the membership of an audit committee. The effect of Senator Quinn's amendment would be to allow an employee to be appointed to an audit committee one year after ceasing to be employed by the company and it would only debar an executive chairman from being a member. This relaxation of the criteria set out in the legislation would dilute the intended effect of the requirement. Accordingly, I am not prepared to accept the amendment. I commend my amendment to the House.