Seanad debates

Thursday, 29 May 2003

Companies (Auditing and Accountancy) Bill 2003: Report and Final Stages.

 

I have significant difficulties with the two aforementioned proposals which contradict each other. I would like the Minister of State to put my mind at rest. Directors are put under an obligation such that non-executive directors would insist on protecting themselves by hiring an expert consultant in each of the relevant areas of law. Non-executive directors would say they could not accept the chief executive's word. They would ask their wives to excuse them because they had signed, on the basis of the chief executive's word, a statement that could lead to their being jailed or having to lose their houses. Before losing their houses, their wives would suggest they hire experts on each of the areas of law.

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