Paul Coghlan (Fine Gael)

Some valid points have been made, particularly by Senators Quinn and Maurice Hayes. Executive directors deal with the nitty gritty, financial management and so on while specialist directors, such as Senator Maurice Hayes, are very worthy people and can give a wider perspective and an overview. Such a non-executive director, despite his or her great value to a company, cannot be held responsible for its day-to-day financial management. We must make some exceptions.

Senator Paddy Burke, on the other hand, raised the question of smaller companies. In a small family business a husband might be an executive director and his wife, a non-executive director with both equally responsible in law and equally culpable for the actions of the company. From what I hear a non-executive director in such a situation could ask deep and searching questions, sometimes outside office hours. Some questions might be asked on the pillow.