Seanad debates

Wednesday, 28 May 2003

Companies (Auditing and Accounting) Bill 2003: Committee Stage (Resumed).

 

There is a wider issue concerning the role of directors. Accountancy bodies, employers, IBEC and some involved in business have said to me that those who become directors of companies should attend a course for their own protection in order that they would know their responsibilities and duties. That is hugely important and would be welcome. Like Senator Maurice Hayes, I am a director of a number of structures of different types, at least one of which is charitable, and understand the points he made. It is important we look at the issues. As far as I know, it is the policy of the Institute of Directors that some training or education course should be provided for those about to become company directors in order that they will know what their responsibilities are, be reassured it is something they should do, because it is good to have independent directors, and ensure they do not need to be troubled by personal liabilities or exposure as long as they do their job properly.

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