Feargal Quinn (Independent)

I apologise for being late and I thank Senator Coghlan for taking my place.

My point was that the main job of a director is to make sure the company succeeds by bringing entrepeneurship and good business practice to the company. He must also do the job of policeman and ensure the company does not break the law. However, we are giving directors onerous responsibilities. I was relieved to hear Senator O'Toole's contribution regarding compliance – he reminded us that the Bill states that the directors of a company shall prepare or cause to be prepared a directors' compliance statement containing the following information concerning the company – its policies respecting compliance with its relevant obligations. Nobody could object to that.

The statement is also to contain the internal financial and other procedures for securing compliance with its relevant obligations and nobody could object to that, or to its arrangements for implementing and reviewing the effectiveness of the policies and procedures already referred to. However, then we have the Government amendment: ". also acknowledging that the directors are responsible for securing the company's compliance with its relevant obligations ."

That is my concern. Would any Member accept a directorship of any company when told he or she is responsible for it? The Government amendment also states:

(except for instances of non-compliance of a minor or otherwise immaterial nature that may have occurred), the company has complied with its relevant obligations in that financial year .