Feargal Quinn (Independent)

The only thing one can do is get in an expert consultant for each of those areas. The cost would be outrageous for a company. This will only apply to companies registered in Ireland. It will not apply to their competitors registered outside Ireland.

I am frightened at the implications of this. I am delighted to hear Senator O'Toole has recognised that the words may be too strong and that they should be tempered. I hope the Minister of State will consider doing this before tomorrow. Subsection (7) states, "Where the directors of a company to which this section applies fail to prepare compliance statements each director to whom the failure is attributable is guilty of an offence". Senator O'Toole asked if it is not the director who is responsible, then who is? The company is responsible. It is a corporate body. If each individual non-executive director is made responsible for all of these areas, the directors will be faced with an impossible task. Anyone would be mad to accept a non-executive directorship in the knowledge that he or she could face such a charge.

I urge the Minister of State to reconsider as it is not acceptable policy. While the intention is good and correct, I suggest that he rethink this compliance statement entirely at this stage. If he cannot do so by tomorrow, he should withdraw the Bill before it goes to Report Stage.