Jim Walsh (Fianna Fail)

Reference was made to the pay talks and I too support the good wishes made in that respect. Senator O'Reilly touched on an important aspect of the talks. I listened with interest to David Begg's interview in which he spoke about the excessive salaries of executives in many private companies. I suggest to the Leader that it would be useful to have a debate on the regulation of plcs. Shareholders in plcs have very little control over salary levels set for directors and senior executives as these are usually set by a remuneration committee. I have no difficulty where people in the private sector add considerable value to a company for shareholders. It is only right that they would benefit as a consequence. However, the benefit should be directly related to the improvement in the performance of the company, but that is not always the case. We should debate the matter so that shareholders are more empowered at annual and extraordinary general meetings to effect some control in that area. This is not as easy or justifiable in closed companies where people have invested their own moneys. It is the return on that investment that gives an entrepreneurial flair and development for the country. There is a need for strong restraint in the public service. All of us in the public service have done exceptionally well in recent years. It would be of tremendous benefit to the economy if we saw 12 to 18 months of a pay pause for all of the public service.

I concur with Senators O'Toole, Kelly and O'Reilly about the proposed reduction in alcohol level limits. This should only be done if there is clear compelling evidence from statistical data that illustrates serious accidents are occurring within the current level. We do not have that information.

I join Senators Kelly and Bradford in paying tribute to our Taoiseach. Today is a nostalgic day for us as it is his last day of service in the House and the end of an era. While it has not been a golden era, his selfless contribution to all of Ireland will benefit generations to come. It was a privilege to serve under his inspired leadership for the past 11 years.