Billy Kelleher (Cork North Central, Fianna Fail)

No, it has not been commenced. The company law review group was requested to examine the matter. Its report of July 2005, which included a detailed cost benefit analysis and a screening regulatory impact assessment, resulted in the majority of the review group recommending a requirement for the provision of mitigated directors' compliance statements. One of the dissenting voices in respect of this recommendation was that of the Director of Corporate Enforcement, who questioned some of the assumptions put forward by the majority of the group and who proposed an alternative provision. The latter retained more of the elements of provision relating to directors' compliance statements originally put forward in the 2003 Act than contained in the recommendation advocated by the majority of the company law review group.

The matter was then considered by the Government, which decided in late 2005, on the recommendation of the then Minister of Enterprise, Trade and Employment, to accept the proposal put forward by the majority of the company law review group. The Government also decided that the provision should be included in the company law consolidation and reform Bill. As Senators are aware, a massive project is being undertaken in the Department at present in respect of that Bill.

The Tánaiste indicated on Committee Stage that this was the approach she had decided to pursue. From Senator O'Toole's perspective, unfortunately that is still the course we intend to follow. I urge him to accept our bona fides when I inform him that we are conscious of the points he is making. However, the company law review group has discussed this matter and a decision on how to proceed has been made by the Government. In consultation with the OCDE, it has been acknowledged that the Government, in conjunction with the Oireachtas, will be obliged to decide on the introduction of legislation.

Officials from the Department have been in contact with the Director of Corporate Enforcement, who accepts that it is a matter for the Government to decide when it should legislate and that it should do so at a time of its choosing.