Seanad debates

Wednesday, 28 May 2003

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

 

I gave an example earlier of a situation where it does not materially affect the company. The words "materially affect" were inserted to ensure directors would be protected. If a company breaks the law by insisting, for instance, on appointing a man rather than a woman to a position, it is in clear breach of equality legislation but as it does not materially affect the balance sheet, there is no requirement to disclose this. On the other hand, it could break customs regulations, for instance, by bringing materials over the Border, for which it is not paying excise duty and developing an entire business. I have received representations demanding that it should be a requirement of companies.

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