Feargal Quinn (Independent)

I move amendment No. 8:

In page 44, to delete lines 4 to 50 and in page 45, to delete lines 1 to 46 and substitute the following:

"(2) Subject to subsection (3) and subsection (14) the board of directors of a public limited company shall establish a committee of directors to be known as the Audit Committee. The responsibilities of audit committees shall be determined by a Code of Practice as operated by listed public companies and approved by the Irish Stock Exchange.

(3) Subject to subsection (14) the board of directors of each unlisted public limited company shall either:

(a) establish an audit committee that meets the requirements of this section.

(b) state in their report under section 158 of the Principal Act that they have not done so and explain the reasons for their decision.".

I recognise that the Minister has done something to allay some of my concerns here.