Michael Ahern (Cork East, Fianna Fail)

Following the acceptance of the Government's amendment on Committee Stage, nine bodies have been designated for the purposes of section 6(2). Each of the designated bodies, while being a member of the supervising authority, is entitled to nominate one person to be a director of the authority. The present composition reflects recommendation 9.5 of the review group on auditing. The Minister is entitled to prescribe, by regulation, additional designated bodies. He or she is also entitled, by regulation, to remove a designated body. There is flexibility, therefore, to take account of interests which, in the light of experience, should be represented on the authority.

The aspect of the authority's role that is most relevant to the bodies mentioned is the review of compliance of accounts under the Companies Acts. As a result of the amendments made to section 27 on Committee Stage, the authority will be able to invoke the expertise of bodies such as the Institute of Directors or ISME to assist with this task. I will take note of the Senator's views but I am not willing to accept the amendments.