Joe O'Toole (Independent)

In that case I will comment on all the amendments. I welcome very much the fact that the Government has listened to the various arguments I put forward yesterday. The most important element is that there should be direct access to the commission for the audit committee and that the audit committee should advise the commission on issues of corporate governance, which covers all relevant matters of concern. One reason for my concern was that the Bill, as drafted, is a reflection of what took place but should not have in FÁS, whereby the audit committee reported only to the chief executive. In fact, my comment is somewhat unfair. In the case of FÁS, the audit committee advised and reported only to the chief executive and the board never got to see it. There is a provision in the Bill that the audit committee should report to the board but only on an annual basis and this was a matter of concern for me.

I was also concerned that we were veering away from the documentation relevant to every State body, that is, the Code of Practice for the Governance of State Bodies, because of the absence of clearer lines of communication. Although I called for a provision such that the audit committee would advise the chairman, the reason for the provision in amendment No. 2 is that the duties of a chairman of a State body are very onerous. Such a chairman requires a significant element of support and the thinking behind the amendment was to ensure such support would be forthcoming. I note the Minister of State has not taken that point on board exactly. However, I am satisfied that in advising the commission, of which the chairman is a part, the legislation meets my requirements.

I had sought for the chairman and the commission to be considered as two separate entities, but this was done with a belt and braces approach in mind. I am satisfied to acknowledge that Government amendment No. 4 fulfils what I set out to do in amendments Nos. 2 and 6. It meets the needs and keeps a direct line of communication from the audit committee to the commission and its members.

There were recurring problems involving members of boards who appeared before the Committee of Public Accounts in 2000 and 2002 in respect of offshore matters. It was significant that they stated they did not know about certain matters. Members of boards of companies of banks and so on also stated they did not know about certain matters. I recall the then Tánaiste, Deputy Mary Harney, stating she never wanted that to be allowed as an excuse in future. This Bill will mean members of the commission must know what is taking place and that the audit committee can bring to the attention of the commission anything it considers to be important. It meets my requirements.

I held considerable concerns about this matter. It was valuable to have held such a lengthy debate yesterday and it was also valuable that we deferred Report Stage until today to allow people to reflect on the matter. I welcome the Minister of State's amendments. On that basis it is my intention not to press any of my amendments, namely amendments Nos. 1, 2 and 6. I will not put them to a vote because I recognise that the Government amendments meet everything I argued for yesterday. I am very grateful to the officials for taking these points on board as well. I accept it is difficult to write amendments at short notice, to collate all the parts and change the numbering. It is a good day's work for the Seanad.